Fraudulent activity in the financial industry is nothing new. The techniques employed by fraudsters have ranged from fake check fraud and credit card fraud to identity theft and financial account takeovers.
For years, financial institutions have implemented a variety of measures to combat these frauds. Now, thanks to the proliferation of sophisticated and low-cost artificial intelligence (AI) technologies, financial institutions are facing tougher challenges than ever before. One of the biggest challenges facing financial institutions today is that methods commonly used to prevent fraud, such as phone or video calls, are now being used by criminals to perpetrate fraud using deepfakes.