The digital age has brought about many exciting innovations, but has also armed cybercriminals with new tools to ply their trade. At the forefront of this is the use of Artificial Intelligence (AI) in cyber frauds. As seen at Infosecurity Europe 2024 earlier this year, AI is a double-edged sword in cybersecurity, presenting both problems and solutions.
Generative AI can clone voices and faces, making scams so convincing even the most careful individuals and organisations can fall victim.
Social engineering is still a powerful tool in the fraudster’s toolbox, exploiting human psychology to trick victims. Despite all the cybersecurity measures in place, old school scams like romance frauds, CEO impersonations and phishing attacks are still going strong.
AI has made these threats worse, allowing cybercriminals to create hyper-personalised attacks that are harder to detect and resist. For example, AI-driven avatars in video calls are being used to impersonate company executives, in some cases resulting in significant financial losses.
In the war against cyber fraud, education and collaboration are two of the best weapons.
Educating individuals and organisations about the latest threats and how to spot them is key. A knowledgeable workforce is the first line of defence against social engineering attacks.
Collaboration across industries and borders is crucial in strengthening our overall cybersecurity. Sharing information about emerging threats and best practices can build a stronger defence.
Watch our video on training AI to fight fake news.
Organisations like Guildhawk are leading the way by providing multilingual training programmes and promoting a culture of awareness and prevention.
AI is also a powerful tool to build stronger defences. AI can be used to develop advanced threat detection systems that identify and mitigate risks in real-time. By analysing patterns and anomalies, AI can predict potential threats and alert security teams before an attack happens.
The key is to use AI not just as a means of protection but as a competitive advantage in the overall digital landscape.
In summary, as cyber frauds get more sophisticated with AI, we need to adapt and innovate. Education, collaboration and using AI for good will get us closer to a safer digital world. It’s a team effort, but we can do it.