Generative AI: A Double-Edged Sword Against Fraud

As the sun rises on another International Fraud Awareness Week, Nov. 12-18, 2023, it shines on a world perhaps more fraud conscious than at any time in history. A recent consumer fraud study, based on a survey of 13,500 adults by AI and analytics leader SAS, revealed that:

Seven in 10 people have fallen victim to fraud at least once; 40% reported suffering fraud twice or more.

A vast majority (86%) are more wary of fraud now compared to previously.

Three-quarters are fearful of experiencing future fraud. 

“Even as consumers signal increased fraud vigilance, generative AI and deepfake technology are helping fraudsters hone their lucrative craft,” says Stu Bradley, Senior Vice President of Risk, Fraud and Compliance at SAS. “Phishing messages are becoming more polished. Replica websites look stunningly like the ones they mean to imitate. It takes just $5 and a few seconds of audio to clone someone’s voice with readily available online tools.”

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The role of Generative AI

As the world observes International Fraud Awareness Week (Nov. 12-18, 2023), SAS, a leading AI and analytics firm, highlights the growing impact of generative AI on the global fraud landscape.

A recent SAS survey reveals heightened fraud consciousness among consumers, with 70% having experienced fraud, 86% expressing increased wariness, and 75% fearing future fraud. Despite consumer vigilance, the rise of generative AI and deepfake technology presents new challenges, enabling fraudsters to enhance their deceptive techniques.

SAS collaborates with industry organizations to drive anti-fraud awareness and offers webinars and discussions during Fraud Week to address emerging threats and countermeasures.