{"id":62389,"date":"2023-09-18T07:21:32","date_gmt":"2023-09-18T11:21:32","guid":{"rendered":"https:\/\/ifintechworld.com\/banking\/how-ai-is-supercharging-financial-fraud-and-making-it-harder-to-spot\/"},"modified":"2023-09-18T07:21:39","modified_gmt":"2023-09-18T11:21:39","slug":"how-ai-is-supercharging-financial-fraud-and-making-it-harder-to-spot","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62389","title":{"rendered":"How AI Is Supercharging Financial Fraud\u2013And Making It Harder To Spot"},"content":{"rendered":"
\n

From smoothly written scam texts to bad actors cloning voices and superimposing faces on videos, generative AI is arming fraudsters with powerful new weapons.<\/h2>\n

By <\/sub>Jeff Kauflin<\/sub>, Forbes Staff and <\/sub>Emily Mason<\/sub>, Forbes Staff<\/sub><\/h4>\n

\u201cI<\/abbr><\/p>\n

wanted to inform you that Chase owes you a refund of $2,000. To expedite the process and ensure you receive your refund as soon as possible, please follow the instructions below: 1. Call Chase Customer Service at 1-800-953-XXXX to inquire about the status of your refund. Be sure to have your account details and any relevant information ready \u2026\u201d<\/p>\n

If you banked at Chase and received this note in an email or text, you might think it\u2019s legit. It sounds professional, with no peculiar phrasing, grammatical errors or odd salutations characteristic of the phishing attempts that bombard us all these days. That\u2019s not surprising, since the language was generated by ChatGPT, the AI chatbot released by tech powerhouse OpenAI late last year. As a prompt, we simply typed into ChatGPT, \u201cEmail John Doe, Chase owes him $2,000 refund. Call 1-800-953-XXXX to get refund.\u201d (We had to put in a full number to get ChatGPT to cooperate, but we obviously wouldn\u2019t publish it here.)<\/p>\n

\u201cScammers now have flawless grammar, just like any other native speaker,\u201d says Soups Ranjan, the cofounder and CEO of Sardine, a San Francisco fraud-prevention startup. Banking customers are getting swindled more often because \u201cthe text messages they\u2019re receiving are nearly perfect,\u201d confirms a fraud executive at a U.S. digital bank\u2013after requesting anonymity. (To avoid becoming a victim yourself, see the five tips at the bottom of this article.)<\/p>\n

In this new world of generative AI, or deep-learning models that can create content based on information they\u2019re trained on, it’s easier than ever for those with ill intent to produce text, audio and even video that can fool not only potential individual victims, but the programs now used to thwart fraud. In this respect, there\u2019s nothing unique about AI\u2013the bad guys have long been early adopters of new technologies, with the cops scrambling to catch up. Way back in 1989, for example, Forbes exposed how thieves were using ordinary PCs and laser printers to forge checks good enough to trick the banks, which at that point hadn\u2019t taken any special steps to detect the fakes.<\/p>\n

Fraud: A Growth Industry<\/strong><\/h4>\n

American consumers reported to the Federal Trade Commission that they lost a record $8.8 billion to scammers last year\u2014and that’s not counting the stolen sums that went unreported.<\/h4>\n

Today, generative AI is threatening, and could ultimately make obsolete, state-of-the-art fraud-prevention measures such as voice authentication and even \u201cliveness checks\u201d designed to match a real-time image with the one on record. Synchrony, one of the largest credit card issuers in America with 70 million active accounts, has a front-row seat to the trend. \u201cWe regularly see individuals using deepfake pictures and videos for authentication and can safely assume they were created using generative AI,\u201d Kenneth Williams, a senior vice president at Synchrony, said in an email to Forbes<\/em>.<\/p>\n

In a June 2023 survey of 650 cybersecurity experts by New York cyber firm Deep Instinct, three out of four of the experts polled observed a rise in attacks over the past year, \u201cwith 85% attributing this rise to bad actors using generative AI.\u201d In 2022, consumers reported losing $8.8 billion to fraud, up more than 40% from 2021, the U.S. Federal Trade Commission reports. The biggest dollar losses came from investment scams, but imposter scams were the most common, an ominous sign since those are likely to be enhanced by AI.<\/p>\n

Criminals can use generative AI in a dizzying variety of ways. If you post often on social media or anywhere online, they can teach an AI model to write in your style. Then they can text your grandparents, imploring them to send money to help you get out of a bind. Even more frightening, if they have a short audio sample of a kid\u2019s voice, they can call parents and impersonate the child, pretend she has been kidnapped and demand a ransom payment. That\u2019s exactly what happened with Jennifer DeStefano, an Arizona mother of four, as she testified to Congress in June.<\/p>\n

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It\u2019s not just parents and grandparents. Businesses are getting targeted too. Criminals masquerading as real suppliers are crafting convincing emails to accountants saying they need to be paid as soon as possible\u2013and including payment instructions for a bank account they control. Sardine CEO Ranjan says many of Sardine\u2019s fintech-startup customers are themselves falling victim to these traps and losing hundreds of thousands of dollars.<\/p>\n

That\u2019s small potatoes compared with the $35 million a Japanese company lost after the voice of a company director was cloned\u2013and used to pull off an elaborate 2020 swindle. That unusual case, first reported by Forbes, was a harbinger of what\u2019s happening more frequently now as AI tools for writing, voice impersonation and video manipulation are swiftly becoming more competent, more accessible and cheaper for even run-of-the-mill fraudsters. Whereas you used to need hundreds or thousands of photos to create a high-quality deepfake video, you can now do it with just a handful of photos, says Rick Song, cofounder and CEO of Persona, a fraud-prevention company. (Yes, you can create a fake video without having an actual video, though obviously it\u2019s even easier if you have a video to work with.)<\/p>\n

Just as other industries are adapting AI for their own uses, crooks are too, creating off-the-shelf tools\u2014with names like FraudGPT and WormGPT\u2013based on generative AI models released by the tech giants.<\/p>\n

I<\/abbr>n a YouTube video published in January, Elon Musk seemed to be hawking the latest crypto investment opportunity: a $100,000,000 Tesla-sponsored giveaway promising to return double the amount of bitcoin, ether, dogecoin or tether participants were willing to pledge. \u201cI know that everyone has gathered here for a reason. Now we have a live broadcast on which every cryptocurrency owner will be able to increase their income,\u201d the low-resolution figure of Musk said onstage. \u201cYes, you heard right, I’m hosting a big crypto event from SpaceX.\u201d<\/p>\n

Yes, the video was a deepfake\u2013scammers used a February 2022 talk he gave on a SpaceX reusable spacecraft program to impersonate his likeness and voice. YouTube has pulled this video down, though anyone who sent crypto to any of the provided addresses almost certainly lost their funds. Musk is a prime target for impersonations since there are endless audio samples of him to power AI-enabled voice clones, but now just about anyone can be impersonated.<\/p>\n

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Earlier this year, Larry Leonard, a 93-year-old who lives in a southern Florida retirement community, was home when his wife answered a call on their landline. A minute later, she handed him the phone, and he heard what sounded like his 27-year-old grandson\u2019s voice saying that he was in jail after hitting a woman with his truck. While he noticed that the caller called him \u201cgrandpa\u201d instead of his usual \u201cgrandad,\u201d the voice and the fact that his grandson does drive a truck caused him to put suspicions aside. When Leonard responded that he was going to phone his grandson\u2019s parents, the caller hung up. Leonard soon learned that his grandson was safe, and the entire story\u2013and the voice telling it\u2013were fabricated.<\/p>\n

\u201cIt was scary and surprising to me that they were able to capture his exact voice, the intonations and tone,\u201d Leonard tells Forbes<\/em>. \u201cThere were no pauses between sentences or words that would suggest this is coming out of a machine or reading off a program. It was very convincing.\u201d<\/p>\n

Have a tip about a fintech company or financial fraud? Please reach out at <\/em>jkauflin@forbes.com<\/em> and <\/em>emason@forbes.com<\/em>, or send tips securely here: <\/em>https:\/\/www.forbes.com\/tips\/<\/em>. <\/em><\/h4>\n

Elderly Americans are often targeted in such scams, but now we all need to be wary of inbound calls, even when they come from what might look familiar numbers\u2013say, of a neighbor. \u201cIt\u2019s becoming even more the case that we cannot trust incoming phone calls because of spoofing (of phone numbers) in robocalls,\u201d laments Kathy Stokes, director of fraud-prevention programs at AARP, the lobbying and services provider with nearly 38 million members, aged 50 and up. \u201cWe cannot trust our email. We cannot trust our text messaging. So we’re boxed out of the typical ways we communicate with each other.\u201d<\/p>\n

Another ominous development is the way even new security measures are threatened. For example, big financial institutions like the Vanguard Group, the mutual fund giant serving more than 50 million investors, offer clients the ability to access certain services over the phone by speaking instead of answering a security question. \u201cYour voice is unique, just like your fingerprint,\u201d explains a November 2021 Vanguard video urging customers to sign up for voice verification. But voice-cloning advances suggest companies need to rethink this practice. Sardine\u2019s Ranjan says he has already seen examples of people using voice cloning to successfully authenticate with a bank and access an account. A Vanguard spokesperson declined to comment on what steps it may be taking to protect against advances in cloning.<\/p>\n

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Small businesses (and even larger ones) with informal procedures for paying bills or transferring funds are also vulnerable to bad actors. It\u2019s long been common for fraudsters to email fake invoices asking for payment\u2013bills that appear to come from a supplier. Now, using widely available AI tools, scammers can call company employees using a cloned version of an executive\u2019s voice and pretend to authorize transactions or ask employees to disclose sensitive data in \u201cvishing\u201d or \u201cvoice phishing\u201d attacks. \u201cIf you\u2019re talking about impersonating an executive for high-value fraud, that\u2019s incredibly powerful and a very real threat,\u2019\u2019 says Persona CEO Rick Song, who describes this as his \u201cbiggest fear on the voice side.\u201d<\/p>\n

I<\/abbr>ncreasingly, the criminals are using generative AI to outsmart the fraud-prevention specialists\u2014the tech companies that function as the armed guards and Brinks trucks of today’s largely digital financial system.<\/p>\n

One of the main functions of these firms is to verify consumers are who they say they are\u2013protecting both financial institutions and their customers from loss. One way fraud-prevention businesses such as Socure, Mitek and Onfido try to verify identities is a \u201cliveness check\u201d\u2014they have you take a selfie photo or video, and they use the footage to match your face with the image of the ID you\u2019re also required to submit. Knowing how this system works, thieves are buying images of real driver\u2019s licenses on the dark web. They\u2019re using video-morphing programs\u2013tools that have been getting cheaper and more widely available\u2013to superimpose that real face onto their own. They can then talk and move their head behind someone else\u2019s digital face, increasing their chances of fooling a liveness check.<\/p>\n

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\u201cThere has been a pretty significant uptick in fake faces\u2013high-quality, generated faces and automated attacks to impersonate liveness checks,\u201d says Song. He says the surge varies by industry, but for some, \u201cwe probably see about ten times more than we did last year.\u201d Fintech and crypto companies have seen particularly big jumps in such attacks.<\/p>\n

Fraud experts told Forbes<\/em> they suspect well known identity verification providers (for example, Socure and Mitek) have seen their fraud-prevention metrics degrade as a result. Socure CEO Johnny Ayers insists \u201cthat\u2019s definitely not true\u201d and says their new models rolled out over the past several months have led fraud-capture rates to increase by 14% for the top 2% of the riskiest identities. He acknowledges, however, that some customers have been slow in adopting Socure\u2019s new models, which can hurt performance. \u201cWe have a top three bank that is four versions behind right now,\u201d Ayers reports.<\/p>\n

Mitek declined to comment specifically on its performance metrics, but senior vice president Chris Briggs says that if a given model was developed 18 months ago, \u201cYes, you could argue that an older model does not perform as well as a newer model.\u201d Mitek\u2019s models are \u201cconstantly being trained and retrained over time using real-life streams of data, as well as lab-based data.\u201d<\/p>\n

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JPMorgan, Bank of America and Wells Fargo all declined to comment on the challenges they\u2019re facing with generative AI-powered fraud. A spokesperson for Chime, the largest digital bank in America and one that has suffered in the past from major fraud problems, says it hasn’t seen a rise in generative AI-related fraud attempts.<\/p>\n

T<\/abbr>he thieves behind today\u2019s financial scams range from lone wolves to sophisticated groups of dozens or even hundreds of criminals. The largest rings, like companies, have multi-layered organizational structures and highly technical members, including data scientists.<\/p>\n

\u201cThey all have their own command and control center,\u201d Ranjan says. Some participants simply generate leads\u2013they send phishing emails and phone calls. If they get a fish on the line for a banking scam, they\u2019ll hand them over to a colleague who pretends he\u2019s a bank branch manager and tries to get you to move money out of your account. Another key step: they\u2019ll often ask you to install a program like Microsoft TeamViewer or Citrix, which lets them control your computer. \u201cThey can completely black out your screen,\u201d Ranjan says. \u201cThe scammer then might do even more purchases and withdraw [money] to another address in their control.\u201d One common spiel used to fool folks, particularly older ones, is to say that a mark\u2019s account has already <\/em>been taken over by thieves <\/em>and <\/em>that the callers need the mark to cooperate to recover<\/em> the funds.<\/p>\n

None of this depends on using AI, but AI tools can make the scammers more efficient and believable in their ploys.<\/p>\n

OpenAI has tried to introduce safeguards to prevent people from using ChatGPT for fraud. For instance, tell ChatGPT to draft an email that asks someone for their bank account number, and it refuses, saying, \u201cI’m very sorry, but I can’t assist with that request.\u201d Yet it remains easy to manipulate.<\/p>\n

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OpenAI declined to comment for this article, pointing us only to its corporate blog posts, including a March 2022 entry that reads, \u201cThere is no silver bullet for responsible deployment, so we try to learn about and address our models\u2019 limitations, and potential avenues for misuse, at every stage of development and deployment.”<\/p>\n

Llama 2, the large language model released by Meta, is even easier to weaponize for sophisticated criminals because it\u2019s open-source, where all of its code is available to see and use. That opens up a much wider set of ways bad actors can make it their own and do damage, experts say. For instance, people can build malicious AI tools on top of it. Meta didn\u2019t respond to Forbes\u2019<\/em> request for comment, though CEO Mark Zuckerberg said in July that keeping Llama open-source can improve \u201csafety and security, since open-source software is more scrutinized and more people can find and identify fixes for issues.\u201d<\/p>\n

The fraud-prevention companies are trying to innovate rapidly to keep up, increasingly looking at new types of data to spot bad actors. \u201cHow you type, how you walk or how you hold your phone\u2013these features define you, but they\u2019re not accessible in the public domain,\u201d Ranjan says. \u201cTo define someone as being who they say they are online, intrinsic AI will be important.\u201d In other words, it will take AI to catch AI.<\/p>\n

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Five Tips To Protect Yourself Against AI-Enabled Scams<\/strong><\/h3>\n

Fortify accounts: <\/strong>Multi-factor authentication (MFA) requires you to enter a password and an additional code to verify your identity. Enable MFA on all your financial accounts.<\/p>\n

Be private:<\/strong> Scammers can use personal information available on social media or online to better impersonate you.<\/p>\n

Screen calls:<\/strong> Don\u2019t answer calls from unfamiliar numbers, says Mike Steinbach, head of financial crimes and fraud prevention at Citi.<\/p>\n

Create passphrases:<\/strong> Families can confirm it\u2019s really their loved one by asking for a previously agreed upon word or phrase. Small businesses can adopt passcodes to approve corporate actions like wire transfers requested by executives. Watch out for messages from executives requesting gift card purchases\u2013this is a common scam.<\/p>\n

Throw them off:<\/strong> If you suspect something is off during a phone call, try asking a random question, like what\u2019s the weather in whatever city they\u2019re in, or something personal, advises Frank McKenna, a cofounder of fraud-prevention company PointPredictive.<\/p>\n

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<\/h4>\n

MORE FROM FORBES<\/strong><\/h4>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

From smoothly written scam texts to bad actors cloning voices and superimposing faces on videos, generative AI is arming fraudsters with powerful new weapons. By Jeff Kauflin, Forbes Staff and Emily Mason, Forbes Staff \u201cI wanted to inform you that Chase owes you a refund of $2,000. 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