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Criminals Use Generative Artificial Intelligence to Facilitate Financial Fraud
Criminals Use Generative Artificial Intelligence to Facilitate Financial Fraud
The FBI is warning the public that criminals exploit generative artificial intelligence (AI) to commit fraud on a larger scale which increases the believability of their schemes. Generative AI reduces the time and effort criminals must expend to deceive their targets. Generative AI takes what it has learned from examples input by a user and synthesizes something entirely new based on that information. These tools assist with content creation and can correct for human errors that might otherwise serve as warning signs of fraud. The creation or distribution of synthetic content is not inherently illegal; however, synthetic content can be used to facilitate crimes, such as fraud and extortion.1 Since it can be difficult to identify when content is AI-generated, the FBI is providing the following examples of how criminals may use generative AI in their fraud schemes to increase public recognition and scrutiny.
·ic3.gov·
Criminals Use Generative Artificial Intelligence to Facilitate Financial Fraud
Operation PANDORA shuts down 12 phone fraud call centres
Operation PANDORA shuts down 12 phone fraud call centres
Operation PANDORA started with a bank teller in Freiburg, Germany. When in December 2023 a customer asked to withdraw over EUR 100 000 in cash, the bank teller grew suspicious and quickly learned the customer had fallen victim to a ‘fake police officer scam’. He informed the real police, which prevented the victim from handing the money over to the...
·europol.europa.eu·
Operation PANDORA shuts down 12 phone fraud call centres
Chinese fraudsters: evading detection and monetizing stolen credit card information
Chinese fraudsters: evading detection and monetizing stolen credit card information
Cyber attacks are common occurrences that often make headlines, but the leakage of personal information, particularly credit card data, can have severe consequences for individuals. It is essential to understand the techniques employed by cyber criminals to steal this sensitive information. Credit card fraud in the United States has been on the rise, with total losses reaching approximately $12.16 billion in 2021, according to Insider Intelligence. Card-Not-Present (CNP) fraud constituted 72% of these losses, with a substantial portion attributed to Chinese fraudsters.
·cybersecurity.att.com·
Chinese fraudsters: evading detection and monetizing stolen credit card information
Chinese fraudsters: evading detection and monetizing stolen credit card information
Chinese fraudsters: evading detection and monetizing stolen credit card information
Cyber attacks are common occurrences that often make headlines, but the leakage of personal information, particularly credit card data, can have severe consequences for individuals. It is essential to understand the techniques employed by cyber criminals to steal this sensitive information. Credit card fraud in the United States has been on the rise, with total losses reaching approximately $12.16 billion in 2021, according to Insider Intelligence. Card-Not-Present (CNP) fraud constituted 72% of these losses, with a substantial portion attributed to Chinese fraudsters.
·cybersecurity.att.com·
Chinese fraudsters: evading detection and monetizing stolen credit card information