I contributed to a discussion on how artificial intelligence is revolutionizing fraud, enabling criminals to clone voices and exploit vulnerabilities in credit card and bank account security. With AI scams forecasted to cause $30 billion in losses by 2027, it takes only seconds to create convincing impostor audio, making traditional security measures increasingly susceptible to manipulation. Raising awareness is critical to combating this escalating threat.
“Historically they had to manually go out and steal credit cards… Now with AI they can take what they already have and use that to enhance their ability to commit fraud…
Some of them, you can do [in] as many as 30 seconds. You can clone somebody’s voice and then make phone calls or, you know, use it to try to trick voice recognition. Some of the banks now use voice recognition in place of the phone number.”
