Anti-Financial Crime & Financial Crime Compliance
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INSIGHT: Why banks must reinforce ID checks amid AI-enabled fraud surge

ONBOARDING WARNING: Sam Altman, CEO of U.S.-based ChatGPT developer OpenAI says rigors around preventing AI-enabled identity fraud must be improved.

By PAUL O’DONOGHUE, Senior Correspondent

BANKS must improve their ID checks to ensure customers do not fall victim to AI-enabled fraud, experts have warned.

Jim Mortensen, strategic advisor in the fraud and AML practice at Datos Insights, said financial institutions are vulnerable to AI-based voice and video cloning pose threats.

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