Voice Deepfakes Are Coming for Your Bank Balance
Scammers are increasingly using artificial intelligence to generate voice deepfakes and trick people into sending them money, raising concerns among cybersecurity experts.
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The proliferation of deepfake videos and audio, fueled by the AI arms race, is impacting businesses by increasing the risk of fraud, cyberattacks, and reputational damage, according to a report by KPMG. Scammers are using deepfakes to deceive people, manipulate company representatives, and swindle money from firms, highlighting the need for vigilance and cybersecurity measures in the face of this threat.
AI is being used by cybercriminals to create more powerful and authentic-looking emails, making phishing attacks more dangerous and harder to detect.
PayPal is integrating artificial intelligence (AI) into its operations, including using AI to detect fraud patterns and launching new AI-based products, while also acknowledging the challenges and costs associated with AI implementation.
The Prescott Valley Police Department warns of the "Grandparent Scam" where scammers use AI technology to create realistic audio of a family member to urgently ask for money.
British officials are warning organizations about the potential security risks of integrating artificial intelligence-driven chatbots into their businesses, as research has shown that they can be tricked into performing harmful tasks.
Google has expanded its Search Generative Experience (SGE) program, which aims to provide curated answers to input prompts, to Japan and India, allowing users to access AI-enhanced search through voice input in multiple languages. The company claims that users are having a positive experience with SGE, particularly young adults, although no supporting data was provided. However, the rise in misuse of generative AI systems, such as online scams, has also raised concerns among regulators and lawmakers.
The increasing sophistication of AI phishing scams poses a significant threat to crypto organizations as scammers utilize AI tools to execute highly convincing and successful attacks, warns Richard Ma, co-founder of Quantstamp. These AI-powered attacks involve scammers posing as key personnel within targeted companies to establish legitimacy and request sensitive information, making it crucial for individuals and organizations to avoid sending sensitive information via email or text and instead utilize internal communication channels like Slack. Investing in anti-phishing software is also advised to filter out automated emails from bots and AI.
Artificial intelligence has the potential to transform the financial system by improving access to financial services and reducing risk, according to Google CEO Thomas Kurian. He suggests leveraging technology to reach customers with personalized offers, create hyper-personalized customer interfaces, and develop anti-money laundering platforms.
AI is being discussed by CEOs behind closed doors as a solution to various challenges, including cybersecurity, shopping efficiency, and video conferencing.
The UK's National Cyber Security Centre has warned against prompt injection attacks on AI chatbots, highlighting the vulnerability of large language models to inputs that can manipulate their behavior and generate offensive or confidential content. Data breaches have also seen a significant increase globally, with a total of 110.8 million accounts leaked in Q2 2023, and the global average cost of a data breach has risen by 15% over the past three years. In other news, Japan's cybersecurity agency was breached by hackers, executive bonuses are increasingly tied to cybersecurity metrics, and the Five Eyes intelligence alliance has detailed how Russian state-sponsored hackers are using Android malware to attack Ukrainian soldiers' devices.
Speech AI is being implemented across various industries, including banking, telecommunications, quick-service restaurants, healthcare, energy, the public sector, automotive, and more, to deliver personalized customer experiences, streamline operations, and enhance overall customer satisfaction.
AI systems are becoming increasingly adept at turning text into realistic and believable speech, raising questions about the ethical implications and responsibilities associated with creating and using these AI voices.
Three entrepreneurs used claims of artificial intelligence to defraud clients of millions of dollars for their online retail businesses, according to the Federal Trade Commission.
Financial institutions are using AI to combat cyberattacks, utilizing tools like language data models, deep learning AI, generative AI, and improved communication systems to detect fraud, validate data, defend against incursions, and enhance customer protection.
Voice cloning technology, driven by AI, poses a risk to consumers as it becomes easier and cheaper to create convincing fake voice recordings that can be used for scams and fraud.
Generative AI is empowering fraudsters with sophisticated new tools, enabling them to produce convincing scam texts, clone voices, and manipulate videos, posing serious threats to individuals and businesses.
Adversaries and criminal groups are exploiting artificial intelligence (AI) technology to carry out malicious activities, according to FBI Director Christopher Wray, who warned that while AI can automate tasks for law-abiding citizens, it also enables the creation of deepfakes and malicious code, posing a threat to US citizens. The FBI is working to identify and track those misusing AI, but is cautious about using it themselves. Other US security agencies, however, are already utilizing AI to combat various threats, while concerns about China's use of AI for misinformation and propaganda are growing.
Stephen Fry's agents were shocked to discover an AI-generated recording that perfectly mimicked his voice, raising concerns over the potential impact on voice actors and the debate surrounding intellectual property rights in relation to AI-generated content.
Artificial intelligence poses a potential threat to the 2024 US elections and financial markets, according to Senator Mark Warner, who highlights the risk of deep fakes and manipulation, and calls for new laws and penalties to deter bad actors.
AI-aided cyber scams, including phishing emails, smishing texts, and social media scams, are on the rise, with Americans losing billions of dollars each year; however, online protection company McAfee has introduced an AI-powered tool called AI Scam Protection to help combat these scams by scanning and detecting malicious links in real-time.
The use of generative AI poses risks to businesses, including the potential exposure of sensitive information, the generation of false information, and the potential for biased or toxic responses from chatbots. Additionally, copyright concerns and the complexity of these systems further complicate the landscape.