By PAUL O’DONOGHUE, Senior Correspondent
AI has helped criminals to turn fraud into an industrial operation, with just a handful of people able to run thousands of automated scams with little effort.
A technology expert has warned that soon, AI will allow a single criminal to run tens of thousands of scams every single day.
On the latest episode of ‘Collared’ Dr. Shlomit Wagman, former head of Israel’s FIU, dives into how AI is revolutionising fraud.
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Wagman, who is also the founder of Integria AI and a senior advisor to Hawk, warns that the rapid technological shifts will result in a global ‘tsunami’ of fraud.
She also examines the ways in which banks can use AI to fight back, and how regulators must adapt to these new threats.
Then, Paul O’Donoghue, AML Intelligence’s Senior Correspondent, explores several examples of AI-powered fraud.
These include how criminals used AI voice-cloning technology to scam a U.K.-based energy company out of €220,000. We also examine how they utilised deepfake videos to steal $25 million from a Hong Kong based multinational.
Episode 10 comes after last week’s ‘Collared’ looked at how money laundering is distorting major property markets such as London and Toronto.
Tommas Kaplan, CEO and Managing Partner at Turn Advisory, examines why housing is such an attractive asset for dirty money.
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