Report

The Double-Edged Sword of Generative AI: Fraud Perpetration and Detection

Generative AI is a double-edged sword in the context of fraud.
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Throughout human history, a small number of technological leaps have drastically and irrevocably changed the course of civilization. The advent of generative AI will prove to be another such advance. It has already become a core component in the fraudster’s toolkit as well as an essential component of contemporary approaches to risk management. FIs and technology vendors can harness the insights from this report to better understand generative AI and its potential as a friend and a foe.

This report gives a brief history of generative AI, discusses a variety of fraud applications and prevention tools relevant to the financial crime industry, and describes how several jurisdictions across the globe are seeking to regulate generative AI and AI at large. It is informed by interviews with solution providers and fraud professionals about generative AI and related technologies and augmented by Datos Insights’ ongoing industry research on fraud trends, including quantitative and qualitative studies of financial services firms and vendors.

Clients of Datos Insights’ Fraud & AML service can download this report.

This report mentions Amazon, Anthropic, DataVisor, Featurespace, Google, IBM, Inflection, Lucinity, Meta, Microsoft, OpenAI, SymphonyAI, WorkFusion, and X.

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