Consulting company Accenture conducted a study of 600 lenders about the invasion of AI-generated frauds, and their findings may have you wanting to stockpile your money under your bed.
Eighty percent of those surveyed warned that conceptual AI is allowing hackers to launch attacks faster than banks does answer.
explains that AI has allowed scammers to take advantage of stolen data faster than ever before and use AI’s ability to mimic people to carry out more legit-looking schemes. Banking customers and people are vulnerable to attacks that range from false payments to drained bank accounts.
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Valerie Abend, Accenture’s financial services security result, told the outlet that banks are investing heavily in AI technology to prevent these threats but are “greatly hampered by the strict regulations banks had follow”. She notes that businesses are turning to third-party security experts for help but warns,” This is not a back-office problem, banking executives really need to stop treating this like a compliance problem”.
At play are billions of consumer money— and their confidence in banking institutions.
” Our research shows that 62 % of customers lose confidence in their bank after a breach, and 43 % choose to stop engaging altogether”, the Accenture report states.
Associated: How to Beat AI-Powered Phishing Scams