AI Is Making Financial Fraud Easier and More Sophisticated, US Treasury Warns
- Agency will look at ways to improve cross-agency coordination
- Gaps identified in capabilities of small firms versus large
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Artificial intelligence is making it easier for fraudsters to carry out more sophisticated attacks on financial firms, the Treasury Department said in a report Wednesday.
Recent advancements in AI mean criminals can more realistically mimic voice or video to impersonate customers at financial institutions and access accounts, the agency wrote. They also allow bad actors to craft increasingly sophisticated email phishing attacks with better formatting and fewer typos, according to Treasury.