Fraud has evolved in leaps and bounds over the past few years, with new technology and more digitally native businesses than ever providing the ideal attack surface for fraudsters.
As attackers look to lure in business professionals with new tech such as deepfakes and AI scams, enterprise cybersecurity teams and cybersecurity vendors are faced with the task of combatting cyber fraud more effectively.
How can we combat this new frontier of cyber fraud?
In this episode, Jane is joined by Paul Weathersby, chief product officer, Identity, Fraud & Financial Crime Compliance at Experian, to explore the increasing sophistication of cyber crime and fraud campaigns.
Highlights
“I think the challenge that it creates for, say, financial institutions as an example, is it’s becoming much harder to manage the fraud due to the rising threat of AI. The impact that that’s having is it isn’t necessarily making it more sophisticated. So what an average bank is now seeing is that the the odd sophisticated attack that they used to see is now happening on a regular basis. They might have seen something that was very well coordinated, very well orchestrated, happening once in a while. Now those types of attack are being replicated using AI and happening all of the time.”
“So behavioral analytics plays a big part in understanding whether the behavior of the user is that of a person. So a genuine person, not being coerced into performing actions on behalf of someone else, and is actually a bot. So one of the very simple rules that you can look at, for example, is if the interaction with the user is from a phone, to make sure that the phone is held and used at an angle which would be normal.”
“Now what we’ve seen is that AI has now been used to clone voices, which it can be done with as little as three seconds of audio of the from the genuine person to effectively clone the the voice pattern in order to get through those particular controls.”
“What you actually see is sometimes these synthetic identities can be something which build up over years, so even sometimes as long as five years. So they look like real people, they transact like real people, and then on any given day, the fraudsters in control of these synthetic IDs decide to actually commit the fraud at that particular point.”
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