Anti-Financial Crime & Financial Crime Compliance
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NEWS: US banks warn generative AI is ‘industrialising’ scams

The US Senate Building and Capitol Hill in Washington DC.

By PAUL O’DONOGHE, Senior Correspondent

GENERATIVE AI is allowing criminals to launch scams faster, more cheaply and at greater scale, the American Bankers Association (ABA) has warned.

In testimony to the US Senate Special Committee on Aging, Paul Benda, the ABA’s executive vice-president for risk, fraud and cybersecurity, said AI was making long-established scams far more effective.

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