AI-driven financial crimes on the rise

Technology being used to make scams more convincing

- MERCURY CORRESPONDENTS

THE South African Banking Risk Information Centre (Sabric) has warned that criminals are making use of artificial intelligence to make their scams seem like the real deal.

Sabric released its annual crime statistics report for 2024, revealing a substantial 18% decrease in financial crime losses, from R3.3 billion in 2023 to R2.7 billion in 2024.

The report said this positive trend is a testament to the growing efficacy of the banking industry's enhanced prevention and detection strategies.

However, while losses have diminished, the report warned of a burgeoning menace: the use of artificial intelligence (AI) in scams that can easily deceive even the most vigilant consumer.

Sabric CEO, Andre Wentzel, said: “Criminals are leveraging AI to create scams that appear more legitimate and convincing’

He elaborated on the implications of this technology, citing examples such as flawless phishing emails, Al-generated WhatsApp messages, and alarmingly realistic voice-cloned deepfakes that mimic individuals and banking officials.

Wentzel cautioned that as these technological advancements continue, real-time deepfake audio and video could become commonplace in fraud schemes.