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LexisNexis Risk Solutions’ Haywood Talcove Warns Against AI-Backed Financial Fraud

LexisNexis Risk Solutions' Haywood Talcove Warns Against AI-Backed Financial Fraud - top government contractors - best government contracting event

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.”

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Written by Naomi Cooper

is a full-time writer for ArchIntel, a division of Executive Mosaic, and a contributor for ExecutiveBiz. She covers emerging technologies, technology innovation, contract awards, partnerships and market expansion stories in the government contracting industry.

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