Fraud: A Growth Industry Powered by Gen-AI

With generative AI enabling fraud-as-a-service at scale, legacy defenses are crumbling. The next wave of cybercrime is faster, smarter, and terrifyingly synthetic.

The rising tide of AI is lifting all fraud – the current situation is bad and getting worse.

Proof’s Transaction & Identity Fraud Bulletin (PDF) highlights and explains a surge in cyber-driven fraud. The primary causes are the growth of personal data on the internet (from sources such as social media), the ability of AI to harvest and collate that data, and the emergence of fraud-as-a-service turbo-charged by AI.

“Fraud today doesn’t look like it did five years ago. It’s synthetic, it’s autonomous, and it’s scaling,” comments Pat Kinsel, CEO of Proof. “We’re seeing high-risk interactions involving billions in assets… trust must now be engineered in a world where identity can be convincingly faked and monetized at scale.”

The potential threat is daunting ...