Consulting patient Accenture conducted a survey of 600 banks astir the onslaught of AI-generated scams, and their findings whitethorn person you wanting to stash your rate nether your mattress.
Eighty percent of those surveyed warned that generative AI is allowing hackers to motorboat attacks faster than banks tin respond.
Business Insider explains that AI has allowed scammers to return advantage of stolen information faster than ever earlier and usage AI's expertise to mimic humans to transportation retired much legit-looking scams. Banking customers and labor are susceptible to attacks that scope from fraudulent purchases to drained slope accounts.
Related: Bank Warns AI Voice Cloning Scams Are Out of Control
Valerie Abend, Accenture's financial services cybersecurity lead, told the outlet that banks are investing heavy successful AI tech to extremity these threats but are "greatly hampered by the strict regulations banks must follow." She notes that banks are turning to third-party cybersecurity experts for thief but warns, "This is not a back-office issue; banking executives really request to extremity treating this for illustration a compliance problem."
At liking are billions of customer costs — and their spot successful banking institutions.
"Our investigation shows that 62% of customers suffer assurance successful their slope aft a breach, and 43% take to extremity engaging altogether," the Accenture study states.
Related: How to Outsmart AI-Powered Phishing Scams
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