Second Generation Technology: AI Squeezes the Juice from Data to Stop Scams
Australian Financial Review
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Details
- Date Published
- 16 Mar 2025
- Priority Score
- 2
- Australian
- Yes
- Created
- 17 Mar 2025, 07:26 pm
Description
The technology can find patterns with greater accuracy and identify potential fraudulent transactions faster than any human.
Summary
The article highlights the increasing use of artificial intelligence by financial institutions to combat fraud through enhanced pattern recognition and real-time information access. A notable example discussed involves a sophisticated scam using deepfakes that tricked a company executive into transferring a large sum of money. This application of AI underscores its potential in identifying and preventing fraudulent activities faster and more accurately than human efforts alone. While the focus is on the financial services sector, the implications of such AI developments are significant for global cybersecurity and fraud prevention strategies. However, the discussion primarily centers on immediate financial applications rather than broader existential or catastrophic AI risks.
Body
CompaniesFinancial ServicesAIPrint articleAlexandra CainMar 18, 2025 – 5.00amSaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginBanks are using artificial intelligence to access real-time information about potential frauds to get ahead of increasingly sophisticated cybercriminals.In one shocking scam in December 2024, deepfakes of executives from a man’s firm told him in a video conference to transfer $US25.6 million to a criminal’s account. Because he thought the people were real, the transaction went ahead.Loading...SaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginLicense articleFollow the topics, people and companies that matter to you.Find out moreRead MoreAICyber securityCyber protectionAFR ReportsWestpac Banking CorporationBig fourScamsFetching latest articlesSports stars keep shifting their watch brand allegiancesBani McSpeddenDark Emu beer with native grains at this destination breweryCrocs turn 23 years old. Time to grow up and get shoesFour women who started businesses after the age of 45Sally PattenWhat happened when Domain learnt it spent $36m a year on meetingsThe country’s highest-paid directors revealedA backyard beehive and an on-trend merino sweater to wear this winterEugenie KellyWill BMW’s Neue Klasse range be the game-changing EVs they promise?The Australian gallery that made art fun turns 20Property billionaire Nick Andrianakos dies in GreeceYolanda RedrupCannon-Brookes describes ‘deep internal conflict’ over his private jetOscar Piastri on the secret of his $41m-a year success