Cyber AI and Fraud Prevention

As artificial intelligence serves as a tool for scams, phishing and fraud, financial professionals must learn to use AI as a way to improve speed, scalability and threat intelligence.

Key Points:

Artificial intelligence (AI), including generative AI and deep learning, is enhancing the quality and sophistication of fraud schemes for attackers.
Auditors and accountants can use AI to automate tasks, enhance threat intelligence and prioritize alerts, making fraud prevention more effective.
Effective cyber fraud prevention includes the combination of human scrutiny, secure access management, technology evaluation and embraced AI.

Victor Padilla, managing director, Forensics and Litigation Services, and Trip Hillman, partner, IT Advisory Services, discuss the intersection between cybersecurity and artificial intelligence (AI), specifically in relation to fraud on this episode of Conversations on Fraud. They highlight the potential use of AI in social engineering scams, phishing email campaigns and creating deep fakes. Victor and Trip emphasize the need for organizations to embrace new technologies while also being aware of the risks they pose. They mention the importance of critical evaluation, risk assessment and vetting of technologies while taking advantage of the benefits of AI – improved speed, scalability and threat intelligence. In terms of fraud prevention, there is a need for scrutiny, evaluating credentials and utilizing AI tools for detection and response. Overall, auditors and accountants need to leverage technology effectively while also incorporating human intelligence and taking necessary precautions to address the dark side of AI in fraud schemes.