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Fighting AI with AI, finance firms prevented $5 million in fraud - but at what cost?

AI has made scam artists much more powerful - but the technology also offers solutions to the very problems it's exacerbating.

In one memorable incident from early last year, a finance employee at a firm based in Hong Kong wired $25 million to fraudsters after being instructed to do so on a video call with what they believed to be company executives, but were in fact AI-generated deepfakes. And earlier this month, an unknown party used AI to imitate the voice of US Secretary of State Marco Rubio on calls that went out to a handful of government officials, including a member of Congress. Many of these organizations have begun using AI tools to enhance their digital security in conjunction with more traditional methods, like two-factor authentication and end-to-end encryption, according to a report of the survey findings published last month.

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