Naomi Cooper
Haywood Talcove, CEO of the government group at LexisNexis Risk Solutions, has joined other experts in raising concerns about using artificial intelligence to carry out financial fraud, Yahoo Finance reported.
Talcove said the use of AI in financial fraud activities is what finance experts call “crime 3.0,” citing the technology’s ability to evade detection.
“The use of this technology — whether it’s artificial intelligence, generative AI, as well as the deep-fake technology — has the ability to blow through most of the tools that have been set up to protect our financial institutions and our government institutions,” said the three-time Wash100 Award recipient.
Tax lawyer Adam Brewer said generative AI tools such as OpenAI’s ChatGPT chatbot have enabled cybercriminals to send fraudulent money requests that are “a lot harder” to be identified by an average person.
“The difference now is that it’s just more polished. Essentially, they have the computers writing the scripts or writing the letters.”
