US Acting Comptroller of the Currency Michael Hsu has highlighted the rising use of AI in financial fraud, which is overwhelming banks' defenses, according to the Treasury Department. News outlets and financial blogs have echoed these concerns, noting that while AI and machine learning technologies are being used to detect and prevent fraud, they are also enabling fraudsters to launch more sophisticated attacks. Financial institutions have been using AI for cybersecurity and anti-fraud operations for years, with Republicans expressing appreciation for the Treasury Department's assessment of these efforts. The CFO's New Frontier: Mastering Fraud Prevention with AI blog underscores the dual nature of generative AI technology, which, while empowering fraudsters, also offers organizations valuable tools to combat these threats.
AI generated fraud coming to a business near you https://t.co/KqLgO9slwV
The same GenAI technology enabling fraudsters also empowers organizations in their fight against these threats, offering a valuable ally to combat and overcome bad players and their disruptive schemes. Read the latest AI in Finance Automation blog: https://t.co/gaxq1GsIrO https://t.co/q8axmZfrkw
Financial institutions have already been using AI systems to support cybersecurity and anti-fraud operations for years. Republicans appreciate @USTreasury’s efforts and assessment of financial institutions use of AI, including these existing use cases.
Artificial intelligence is making it easier for fraudsters to carry out more sophisticated attacks on financial firms, the Treasury Department said https://t.co/diOkq7hMwd
AI-powered fraudsters are overwhelming bank defenses, Treasury report says https://t.co/8JViTvBheK
AI-powered fraud is overwhelming banks’ defenses: Treasury Department https://t.co/TRinjoGOSF
AI masters fraud detection with cutting-edge innovation that leverages AI and machine learning to safeguard businesses against financial threats. Read the latest AI in Finance Automation blog, The CFO's New Frontier: Mastering Fraud Prevention with AI. https://t.co/X9apUJNypD
US ACTING COMPTROLLER OF THE CURRENCY MICHAEL HSU SAYS USE OF AI IN FINANCIAL FRAUD IS RISING