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AI-powered fraudsters are overwhelming bank defenses, Treasury report says
By Chris Matthews Internet crime cost Americans $12.5 billion in 2023 U.S. banks are struggling to keep up with evolving artificial-intelligence technology that has enabled fraudsters to easily impersonate customers and spread malware using AI-generated text, according to a report published Wednesday by the Treasury Department.
Financial institutions interviewed by Treasury officials said they are particularly concerned about developments in so-called deepfake technology that could allow bad actors to impersonate employees or customers in order to thwart traditional antifraud protocols. The institutions also warned that generative-AI technologies like ChatGPT enable malicious foreign actors to create text that appears to be written by a native speaker, which can be used to make phishing emails more effective. The report was compiled after President Joe Biden signed an executive order directing federal departments and agencies to collaborate with industry to ensure responsible innovation with AI technology.
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