Deepfakes Driving New Era of Financial Crime

The video discusses how scammers are leveraging AI to enhance their fraudulent activities, such as cloning voices and creating fake investment documents. Banks are investing heavily in AI to detect and prevent fraud, with costs expected to rise significantly by 2025. The video also highlights the evolving landscape of fraud prevention, with banks advocating for tech companies to share the responsibility and costs associated with combating scams.

How are scammers utilizing AI technology in their operations?

• To develop new banking apps

• To enhance cybersecurity

• To clone voices and create fake documents

• To improve customer service

What is one of the main strategies banks are using to fight fraud?

• Investing in natural language processing tools

• Closing branches in high-risk areas

• Hiring more tellers

• Reducing customer service hours

By 2025, how much are global banks expected to spend on fraud detection and prevention?

• $5 billion

• $8 billion

• $12 billion

• $20 billion

What change is occurring in the UK regarding tech companies and fake ads?

• Tech companies will merge with banks

• Tech companies will receive tax breaks

• Tech companies will be held more accountable

• Tech companies will be banned from advertising

Why are banks advocating for tech companies to share the burden of fraud prevention costs?

• Tech companies host fake investment platforms

• Banks want to reduce their workforce

• Banks are merging with tech companies

• Tech companies have more resources