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GenAI Set to Revolutionise Fight Against Online Fraud, Researchers Say

GenAI technology poised for rapid adoption in the fight against cybercrime. Over 83% of organisations plan to incorporate GenAI into anti-fraud efforts within two years. Concerns raised about GenAI's output accuracy and challenges in implementation.

The use of generative artificial intelligence (GenAI) technology is expected to rapidly increase in the battle against cybercrime, offering a solution to combat the fraud driven by AI, according to recent research.


A joint report by the Association of Certified Fraud Examiners (ACFE) and SAS, a leading data analytics solution provider, reveals that over 83% of organisations plan to incorporate GenAI into their anti-fraud efforts within the next two years.


"GenAI has made significant advancements in recent years, so it comes as no surprise that organisations are embracing it as part of their anti-fraud initiatives," commented Mason Wilder, ACFE research director.


While the adoption of GenAI shows promise, the report also highlights several challenges in implementing these solutions. Sixty percent of survey respondents expressed concerns about the accuracy of GenAI's output. Other obstacles include security and data risks, regulatory compliance, and a shortage of skilled personnel.


The report, the third in a series on anti-fraud technology, is based on a survey of nearly 1,200 ACFE member organisations across various industries, including banking, healthcare, manufacturing, and mining.


GenAI, the underlying technology behind powerful chatbots like Microsoft-backed OpenAI's ChatGPT, has revolutionised the way we interact with AI-powered systems. However, its rise has also opened up new avenues for fraudulent online activities.


John Gill, ACFE president, warns that "the accessibility of GenAI-powered tools makes them incredibly dangerous in the wrong hands."


Online scammers and fraudsters have been exploiting GenAI to create malware, phishing emails, and fake identities, as highlighted in a report by consultancy firm PwC. The report predicts an increase in large-scale fraud, privacy violations, and cyberattacks facilitated by GenAI.


Hackers and scammers are increasingly leveraging chatbots such as ChatGPT to generate malicious codes, lowering the barriers for launching online attacks, according to a representative from Beijing-based online security firm Huorong.

As organisations embrace GenAI to combat online fraud, it is crucial to address the challenges associated with its implementation. Stricter security measures, robust data protection protocols, and comprehensive training programs are essential to ensure the responsible and effective use of this powerful technology.

 
  • GenAI technology poised for rapid adoption in the fight against cybercrime

  • Over 83% of organisations plan to incorporate GenAI into anti-fraud efforts within two years

  • Concerns raised about GenAI's output accuracy and challenges in implementation


Source: SCMP

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