SAN FRANCISCO—Despite the fears of many, so far artificial intelligence technologies, such as generative AI, are not helping fraudsters create new and innovative types of scams. Instead, scammers are doing just fine relying on the traditional scams--but the advent of AI is helping them scale up attacks and snare more victims, according to fraud researchers at Visa.
According to the company, organized threat actors continue to target the most vulnerable point in the payments ecosystem---humans. And they're using AI to make their scams more convincing, leading to "unprecedented losses" for victims, Paul Fabara, chief risk and client services officer at Visa said, Bank Info Security reported.
Large-Scale Social Engineering
The report stated fraudsters can use AI to automate the process of identifying vulnerabilities in a system to make it easier for threat actors to launch targeted attacks, carry out large-scale social engineering attacks and generate convincing phishing emails on a massive scale by analyzing and mimicking human behavior, Bank Info Security said.
“Generative AI tools also can generate realistic speech capable of mimicking human emotions and logic, which threat actors can exploit to impersonate financial institutions and obtain one-time passwords or execute phishing campaigns to steal payment account credentials,” Bank Info Security said.
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