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AI-Enabled Fraud Is On the Rise — Here’s How to Beat It
A February 2024 deepfake scam in Hong Kong, where an employee wired $3.2 million to fraudsters posing as executives, highlights a critical reality: AI-enabled fraud is on the rise. In the past year, about 79 percent of financial institutions experienced fraud attempts. As AI-driven attacks outpace traditional defenses, the core challenge is no longer flawless prediction, but the ability to buy time to respond before damage occurs. We argue that AI’s primary value in fraud prevention is not merely speed but its capacity to detect uncertainty early and deliberately slow down risky ...