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Technology|WrittenByLAPost
AI-generated identity fraud steals billions as banks struggle to keep pace
Financial institutions are working hard to stop a growing trend of fake identity theft made possible by advanced AI technologies. A new poll of 500 scam experts from banks, credit agencies, and other finance companies shows that this quickly spreading threat, which costs lenders tens of billions of dollars yearly, makes them very nervous. These scams use AI to make fake customer identities to open fake accounts and steal money. This crime is expected to snowball as fraudsters use AI to make more believable fake identities on a large scale. With sophisticated algorithms automatically accepting fake applications, clever fake identities
October 17, 2023