Artificial intelligence is playing an increasingly significant role in enhancing organizational efficiency and automating processes. However, there is an alarming trend where bad actors are harnessing AI to execute sophisticated fraud attacks, Frederic Ho, Vice President of Asia Pacific at Jumio, warns.
A recent incident in Hong Kong serves as a stark example – six people were arrested for their involvement in a fraud syndicate that utilized Artificial Intelligence (AI) to fabricate images for loan scams targeting banks and money lenders.
This case marks the first instance where law enforcement in Hong Kong has made arrests linked to deepfake technology, and unfortunately, similar incidents will continue to occur across the region.
Easy Access to AI Has Empowered Fraudsters
«To stay ahead, we will see more organizations tapping into AI solutions in the fight against AI-driven cyber threats,» said Frederic Ho, Vice President of Asia Pacific at Jumio, a US-based online mobile payments and identity verification company.
The firm provides card and ID scanning and validation products for mobile and web transactions. «Businesses must look to implement multimodal, biometric-based identity verification systems that can detect deepfakes and thwart the misuse of stolen personal credentials, Ho added in a note. «This enables them to fortify their defenses against sophisticated scams, ensuring the highest levels of security while cultivating digital trust in this evolving age of disinformation.»
