Deloitte predicts losses of up to $40B from generative AI-powered fraud

When an employee on a video call at Arup’s Hong Kong offices transferred US$25 million to fraudsters at the request of deepfake avatars of his company’s executives, they arguably triggered a paradigm shift in the financial industry’s general awareness of generative AI. The case has been cited time and again as proof that a new era of deepfake fraud is upon us, with the financial sector as its main target. Increasingly, the common recommendation is to invest in AI-based defenses …

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