Generative artificial intelligence (AI) has caused a massive leap forward in technology. Tasks such as researching and writing reports as well as creating images can now be done in seconds instead of days or months.
But while these automation tools can lead to vastly improved efficiencies for businesses it is also ushering in a new era of fraud and disinformation, explains Jackie Wheeler, senior director of technical content at Jumio – a provider of identity verification and ongoing monitoring solutions powered by artificial intelligence.
For example, consider phishing emails. It used to be fairly easy to spot emails that purported to be from a reputable company but were obviously fake because they were full of typos and poor grammar. With generative AI tools, a fraudster can easily draft a polished, professional email, making it much harder to identify as an impersonation.
Similarly, bots are now going to be able to open accounts on social media and use generative AI to write posts that appear to be from a reputable source and make compelling arguments in order to spread disinformation. By automating this process, the scale of disinformation is going to reach unprecedented levels, and users will have a hard time discerning real information from false.
Even more concerning is that fraudsters will be able to use generative AI-powered chatbots to have conversations with unsuspecting victims who think they’re talking to a real human. Creating a connection with the victim is a key part of scams such as ‘pig butchering‘, and generative AI will make this easier and more convincing than ever.
Time to step up
Obviously, consumers should increase their awareness of these tactics and become more sceptical of what they read online, whether it’s on social media or in their inbox. But relying on all consumers to become savvy enough to stop fraud and disinformation isn’t enough. It’s up to businesses to take the lead in this battle to protect their customers as well as the firm’s reputation.
This starts with identity verification and liveness detection. Businesses must ensure that each customer who opens an account online is who they say they are and is physically present during the onboarding process. And to prevent account takeover, businesses should use biometric authentication to ensure that the person who signs in to the account is the same person who signed up.
Thankfully, adding this level of scrutiny into your workflows isn’t nearly as challenging as it may seem. To succeed, you have to fight AI with AI. Jumio’s solutions use AI and machine learning to stay ahead of fraudsters and verify your customers in seconds simply by having them take a photo of their ID and then a selfie. The user journey is simple, straightforward and fast, letting your legitimate users onboard quickly while helping to keep bad actors off your platform.
Frequently asked questions about generative AI
What is generative AI?
Generative artificial intelligence (AI) is automation technology that can create a variety of content including articles, posts and images with a simple prompt from a user. For example, ChatGPT by OpenAI allows you to type in a prompt such as ‘Write me an article about the history of cryptocurrency’, and it will provide a convincing, well-written response.
Why is generative AI considered a threat?
Generative AI frameworks give fraudsters more sophisticated tools for running scams and helping hackers get around cybersecurity measures. They can be used to create chatbots that mimic human dialogue so well that an unsuspecting person might think they are chatting with a real person. The personal data the victim shares with the chatbot can be fed as inputs into machine learning algorithms to become even more convincing over time. Combined with AI systems that create deepfakes, it can be easy to impersonate someone the victim knows.
Generative AI also has the potential for spreading misinformation and disinformation through social media ecosystems. Without proper fraud prevention such as identity proofing and biometric authentication, bots will be able to open social media accounts, create authentic-looking content, and trick users into sharing it on platforms like LinkedIn and Facebook.
Financial institutions, healthcare firms, credit card companies, online gaming sites and many others are tasked with deploying fraud detection solutions to address these vulnerabilities while still providing a streamlined customer experience.