How GenAI is changing the game for fraudsters

Plus, catch up on the month’s top fraud stories!

Keeping up with the ever-evolving tactics of fraudsters is practically a full-time job these days. Dive into the latest headlines to stay one step ahead in the battle against bad actors.

Deloitte: Generative AI is expected to magnify the risk of deepfakes and other fraud in banking

Deloitte's Center for Financial Services team wrote a deep dive on Generative AI and its potential to magnify both the nature and the scope of fraud against financial institutions and their customers; it's limited only by a criminal’s imagination.

Millions of Frankenstein Identities Discovered In UK

Fraud on Fraud covered a report from Lexis Nexis on a disturbing trend that experts have termed “Frankenstein cloning.”

Why is it so easy to misidentify fraud?

Alloy's Sara Seguin shared insights on why banks, fintechs, and credit unions still struggle to classify fraud and why correctly distinguishing between fraud methodology and fraud type is of the utmost importance to fraud prevention. 

Compliance Week: FinCEN BSA data: Fraud, money laundering top suspicious activities

Kyle Braseur at Compliance Week gave a high level analysis of the Financial Crimes Enforcement Network (FinCEN) Bank Secrecy Act (BSA) Data Fiscal Year 2022. One of the most striking callouts was that the most frequent suspicious activity identified was fraud (about 1.8 million), followed by money laundering (1.6 million), structuring (1.3 million), and identification documentation (386,000).

Stay tuned for more updates in our next Risky Business Newsletter and catch us at Alloy.com for more insights and updates to help you keep ahead of the pace of fraud.