Gen AI has permanently altered the fraud landscape

As Gen AI gained traction, so did social engineering scams.

- UMA KANNAN @Bengaluru

In some cases, consumers voluntarily handed over payment data as Gen AI enables scams by providing real-time conversation in dozens of languages.

Social engineering scams are transforming the fraud landscape, says a new report by global data and tech company Experian. Nearly 74% of respondents in Experian's survey believe the biggest fraud threat is social engineering scams. Fraudsters now have technology at their fingertips. Sixty-nine percent of the survey's respondents agree public access to Gen AI is increasing fraud threat.