AI Helping Tackle The Threat To The Growing Wave Of Fraud
AI threatens to add to the growing wave of fraud but is also helping tackle it.
There were 4.5 million reported incidents of fraud in the UK in 2021/22, up 25% on the year before. It is a growing problem which costs billions of pounds every year.
The COVID pandemic and the cost of living crisis have created ideal conditions for fraudsters to exploit the vulnerability and desperation of many households and businesses. And with the use of AI increasing in general, we will likely see a further increase in new types of fraud and is probably contributing to the increased frequency of fraud we are seeing today.
Already, the ability of AI to absorb personal data, such as emails, photographs, videos and voice recordings to imitate people is proving to be a new and unprecedented challenge.
But...