Banks are using artificial intelligence to access real-time information about potential frauds to get ahead of increasingly sophisticated cybercriminals.

In one shocking scam in December 2024, deepfakes of executives from a man’s firm told him in a video conference to transfer $US25.6 million to a criminal’s account. Because he thought the people were real, the transaction went ahead.

Read more https://www.afr.com/companies/financial-services/ai-squeezes-the-juice-from-data-to-stop-scams-20250311-p5liq2