Fraud and abuse
Fraud committed with AI, deepfake-based abuse and the tools of defence.
Viewpoint
November 2026 · 6
Three charged with stealing $129 million from companies by impersonating CEOs with AIchief financial officerLarge or urgent transfers should be confirmed through a pre-agreed channel independent of the requester's voice or video call.fintech companyThe UK fintech victim shows that payment approval chains must also be tested against executive impersonation.banking professionalFor large, urgent transfers by corporate clients, multi-step confirmation is advisable, and payments to crypto should be monitored separately.Indian authorities warn of AI-powered attacks on financial institutions with unauthorised transfersbanking professionalBased on the official warnings, transaction monitoring and incident response must be scaled for machine-speed attacks.fintech companyFirms that were attacked again because vulnerabilities were only partly fixed after earlier alerts show that patches must be verified.FINRA and ASC warn that AI makes investment fraud harder to detectretail customerFor AI trading offers promising returns, first check the firm in the regulator's registry.OTP: fraudsters take an average of HUF 1.4 million per victim, and AI heightens the threatretail customerFlawless Hungarian text no longer proves a message is genuine, so requests must be verified through an official channel.banking professionalIn customer communication, customers must be prepared for AI-perfected phishing.Authorities and media warn of AI voice-cloning scamsretail customerWhen money is urgently requested, verify the caller with a pre-agreed family code word and a call back.banking professionalInforming customers about such scams and warning them before a transfer can reduce losses.Indian AI firm flags suspected ₹5,700 crore GST fraud network involving over 1,500 firmsaccountantData analysis speeds up the detection of VAT fraud chains, so checking business partners will matter more.
October 2026 · 24
UK loses £24.3 million to AI-enabled investment endorsement scamsretail customerBefore acting on an investment ad citing endorsement by well-known people, check the offer in an official source and report it if suspicious.Fraudsters use AI voice imitation to steal huge sum from Italian bankbanking professionalVoice-based orders and executive instructions require independent, multichannel confirmation.chief financial officerFor high-value transfers, a telephone instruction alone should not be sufficient.Dutch police arrest two men over AI-call and NFC relay bank fraudretail customerA caller posing as bank customer service must never be given a card, PIN or authentication details.banking professionalCombined patterns of NFC relay and telephone deception need dedicated detection rules.Erste reports nearly 21,000 fraud attempts against its customers in six monthsretail customerNever follow links or requests in phishing messages; verify them in the bank's own app or online banking.banking professionalFraud-prevention communication should also target farmers and small business owners.Banks call for stronger intelligence sharing to fight AI fraudbanking professionalFraud indicators must be shared between institutions, which requires data-protection frameworks.CyberCartel reportedly used Claude and Grok AI agents to automate attacks on Latin American banksbanking professionalAutomating attacks speeds them up, so detection and response must be made faster as well.Erste Bank customers targeted nearly 21,000 times in six months, with losses of HUF 7 billionretail customerThe customer-approved transfer is the main point of attack, so every unexpected payment request must be verified.banking professionalFraud prevention must also be ready for transactions that are carried out by the victim and look legitimate.AI voice-cloning and fake-retailer scams target retail customersretail customerAgree a family code word, and when asked for money, call the person back through an independent channel.banking professionalTargeted warnings and delays can be applied to urgent transfers initiated by customers.Deepfake executive scams: $95 million loss, FBI data, INTERPOL and KeyBank warningschief financial officerFor large transfers, a voice or video call alone is not sufficient approval; independent call-back verification is mandatory.banking professionalSignals of executive-impersonation fraud against customers must be built into transaction monitoring.Deepfake scammers use faces and voices of central banks and officials in Romania, Malaysia and Indiaretail customerInvestment and benefit offers made in the name of authorities or leaders must be verified through official channels.OTP Bank launches film series and expert warning against AI-driven fraudretail customerProtection now depends on recognising manipulation attempts, not only on technology.banking professionalCustomer education and communication against social engineering are a key element alongside technical defences.Erste says it saved HUF 6 billion from fraud, with 21,000 attemptsretail customerIf you get a phone call or an urgent message, call the bank back on its official number, and do not share your photos with a suspicious contact.banking professionalThe figures show that transaction monitoring and customer education together deliver measurable savings.Hungarian experts: scammers use AI and psychological pressure to drain bank accountsretail customerDo not trust a "bank" that appears in a video call or message; verify the caller through another channel before you transfer money.banking professionalIn customer communication, it is worth repeating call-verification and call-back procedures continuously.Italian bank loses $108M to AI messaging fraudbanking professionalIn the approval chain for large transfers, check controls against impersonation by messaging.Malaysian and Hong Kong authorities warn of AI-driven deepfake investment scamsretail customerAccept investment offers only through verified channels; a video of a celebrity is not proof.Banks seek customer trust against AI voice cloning as SBI warns and call protection spreadsretail customerDo not transfer money at the request of an unknown voice; call the bank back on its official number.banking professionalCustomer calls must be made verifiable and recognisable.Bloomberg: AI is supercharging a scam economy bigger than the cocaine tradeSouth Korean banks breached with AI tool; CrowdStrike points to likely China-based attackerbanking professionalCredential-stuffing defences at customer login (MFA, rate limiting, anomaly monitoring) need to be reviewed now.retail customerAffected customers need to change their passwords and turn on multi-factor authentication.AI voice clone and deepfake used to trick Italian bank into wiring €95 millionbanking professionalFor large transfers, a voice or messaging request must be confirmed through an independent channel.chief financial officerPayment authorisations and the confirmation protocol for extraordinary transfers should be reviewed.Australian insurers join forces against AI-generated fake claimsinsurerImage, audio and document authenticity checks should be built into claims intake.Voice-cloning scams: advice for consumers and new AI-driven fraud methodsretail customerFor a family emergency call, call back on a separate channel, and never give a bank code to anyone.banking professionalIn customer communications, stress the details a bank will never ask for in a conversation.Hungary's cybersecurity institute and experts warn of AI-made financial fraud and cyberattacksretail customerSpotting fake messages cannot rely on technical errors, so any unsolicited request should always be verified through an independent channel.banking professionalBased on the cybersecurity warnings, firewall updates and customer alerts must be carried out in good time.Dubai Police: three seconds of audio is enough to clone a voice, warning of financial fraudretail customerFor any voice-based request, even in a familiar voice, a request for money should be confirmed through a separate channel.banking professionalThe reliability of voice-based customer authentication needs to be reassessed.AI-assisted fraud is surging as insurers scramble to keep upinsurerClaims checks also need to be prepared to detect AI-generated documents and images.
September 2026 · 21
Moscow finance firm A7 used AI-forged invoices to obtain banned technology, report saysbanking professionalIn trade finance, the authenticity of invoices must also be checked against AI forgery.Fraudsters use AI-cloned CEO voice to steal about €95 million from Intesa Sanpaolo's Fideurambanking professionalFor large transfers, an executive instruction received by voice or message must be confirmed through a separate channel by calling back.chief financial officerThe approval chain for exceptional transfers triggered by executive instruction should be replaced with multi-person verification that does not rely on voice.AI agents reportedly stole 600,000 credit card records at $25 per targetbanking professionalWith the cost of stealing card data plummeting, transaction monitoring and card reissuance policies may need tightening.fintech companyVulnerability testing of merchant and payment interfaces should be extended with agent-based attack scenarios.Voice-cloning scam at Intesa Sanpaolo leads to €95 million in transfersbanking professionalTransfer instructions based on executive calls must be confirmed through an independent call-back.chief financial officerThe approval chain for exceptional, urgent transfer requests should be extended with multi-step verification.AI attack reportedly yields data of more than 600,000 bank cardsbanking professionalWhere card data is affected, issuers must check for signs of misuse and replace cards where necessary.retail customerAfter news of a card data leak, it is worth monitoring transactions and setting up alerts.Microsoft shuts down EvilTokens, an AI-based phishing servicechief financial officerInvoice fraud originating from compromised mailboxes remains a threat to prepare for, for example by independently confirming changes to bank account details.accountantUnexpected requests from clients to change payment or invoice details must be verified through a separate channel.banking professionalPayment-fraud patterns may also rely on AI-based analysis of compromised email accounts.Major banks warn that AI shopping bots raise fraud and data-privacy risksretail customerGive card details or payment authority only to a verified AI agent with limited scope, and monitor its transactions.banking professionalCustomer communication and fraud prevention need a separate scenario for unauthorized payments initiated by an agent.AI-driven fraud wave: insurer complaints teams overloaded, Irish bank liability debate, deepfake investment scams in KazakhstaninsurerWithout a process to filter genuine from AI-generated complaints, legitimate cases may face delays.banking professionalThe question of bank liability to victims of deepfake fraud is a legal and customer-handling risk.AI-forged receipts and supplier payment fraud: controls for finance teamschief financial officerChanges to supplier bank details and payment approval should be tied to a human, two-step control.accountantSubmitted receipts and approvals must be handled with authenticity checks, given the possibility of AI forgery.Deepfake of Surat MP used to promote fake coins; two arrested over Rs 9.8 crore fraudretail customerAn investment video endorsed by a public figure should be taken seriously only after verifying it through an official channel.Two Michigan homebuyers lose $66,000 in suspected voice-cloning scamretail customerIn a home purchase, never change transfer details on the basis of instructions received by phone; verify only by calling back on a known number.banking professionalFor large property-related transfers, a separate call-back verification is warranted.AI-enabled fraud is 4.5 times as profitable as traditional fraud, reports saybanking professionalFraud detection models must also be prepared for high-volume, AI-driven attacks.retail customerFor an unexpected, urgent request for money, verify through an independent channel.Authorities and media warn of AI voice-cloning and investment scamsretail customerIf a relative appears to call in an emergency, verify the request with a family code word or by calling back.banking professionalFor unusual transfers by elderly customers, consider applying a delayed approval.Founder and former CEO of an AI company pleads guilty to securities fraudchief financial officerAI providers and AI-investing targets should be subject to stricter scrutiny.Hungarian trade press: AI has opened a new era in fraud and makes it cheaperbanking professionalInternal payment-authorisation processes should require callback verification across multiple channels.chief financial officerDual approval should be introduced against transfer fraud based on executive impersonation.retail customerVoice and video alone no longer prove a person's identity.Czech and Slovak reports: scammers target people, with AI supportbanking professionalCustomer education and transaction warnings should be tuned to psychological manipulation and mobile-app attacks.retail customerDo not install an app received after a phone call or message, and do not approve unfamiliar requests.Organised fraud rings use deepfakes and reused identities to target banksbanking professionalAccount-opening and customer-identification screening must be strengthened against patterns of synthetic and reused identities.fintech companyFraud-prevention development must be scaled to cheaper, mass-volume attacks.Deepfake investment scams: Portuguese warning, Northern Irish and Indian victimsretail customerVideo investment offers from celebrities should not be believed, and remote access to a computer should not be granted.banking professionalFor large investment transfers, a delaying verification question is worth applying.Bank Negara again warns of deepfakes impersonating its governorretail customerInvestment appeals that claim to come from the central bank or its governor should not be accepted unless verified through official channels.Metropolitan Police: AI-related fraud reports up 395%, losses reach £9.6 millionbanking professionalFraud detection rules need to be tuned to AI-based impersonation and convincing messages.retail customerAn unexpected request to move money should be verified through an independent channel.Free family codeword app targets AI voice-cloning scams; Indian family business loses Rs 11.8 lakhretail customerOn a call, a pre-agreed codeword can be used to verify a relative asking for money.banking professionalA voice call alone cannot serve as reliable authentication for large transfers.
August 2026 · 28
Deepfake video calls from the "bank" and a new face-verification bypass scam in Hungaryretail customerDo not trust a "bank" on a video call: verification is only possible through a call-back initiated via the bank's official channel.banking professionalFace-based identification alone is not enough; the process needs additional verification steps.Unico blocks R$19.6 billion in fraud attempts in first half, records wave of 'homemade deepfakes'banking professionalIdentity verification must allow for deepfakes now being made with home tools.fintech companyLiveness checks need continuous testing against new deepfake techniques.Bank Negara warns of deepfake ads impersonating its Governorretail customerTreat any investment ad appearing in the name of a central bank or official leader as suspicious.AI investment scams: New York issues official alert, losses reach $8 billionretail customerBefore investing, check the platform and the firm's licence in an official register.banking professionalFor unusual transfers to a platform, consider warning the customer.Group-IB: deepfake investment scams could spread to Gulf marketsretail customerCheck a celebrity's or expert's video investment offer separately before transferring any money.Voice-cloning scams: banks respond as campaign says 28% of UK adults were targetedretail customerIf a call asks for money, verify it through an independent channel.banking professionalVoice authentication alone is not sufficient; additional checks are needed.AI raises fraud risk at Australian banks as lending control gaps persistbanking professionalVerify income statements and identity documents against an independent source as well.Hungarian warning: a family code word can protect against AI voice-cloning phone scamsretail customerAgree a code word with your family in advance, and call the relative back when asked for money urgently.banking professionalCustomer communication should include practical advice on fraud protection.Poland urges action against AI scammers using fake video of the presidentretail customerDo not treat public figures' video investment endorsements as authentic.AI-assisted property scams target Australian homebuyersretail customerWhen buying property, confirm payment details and the counterparty through an independent channel.AI-generated receipts account for 71% of expense fraud flagschief financial officerIn expense reporting, a receipt image is not enough; matching against transaction data is needed.accountantFor suspicious receipts, request metadata and bank statement reconciliation.AI in insurance fraud detection: stronger insurers, smarter fraudstersinsurerAI-based claims screening can be used to reduce leakage, but fraudsters are also using AI, so models need continuous updating.Voice-cloning scams spread: $25 million Hong Kong case, victims in India, advice on protectionretail customerIf a request for money arrives in a familiar voice, hang up and call back on a known number.chief financial officerTransfer requests citing an executive's voice should be verified by callback and dual approval.banking professionalFor extraordinary, urgent transfers, customers should be warned about the possibility of voice cloning.ChatGPT phishing: fake "update your payment details" message leads to Stripe pageretail customerDo not click a message asking you to update payment details; check your account directly on the service's own site.Attacks start with $30 AI tools as the gap between fraudsters and banks widensbanking professionalBecause attack costs are falling, fraud-detection development must keep pace with attackers.African banks turn to AI against fraud as South Africa's sector faces mounting challengesbanking professionalThe spread of real-time risk assessment is pushing banks to reduce detection latency.Money keeps vanishing from Hungarian bank accounts, and banks are powerless, Pénzcentrum reportsretail customerIt is worth setting up account notifications and transaction limits, because the bank can hardly help afterwards.banking professionalThe fraud trend reflects helplessness, so customer-warning and prevention processes should be reviewed.Fraudsters abuse OTP's name with deepfake ads in 'OTP Casino' scamretail customerDo not click or enter data on banking ads or videos seen on social media; verify authenticity through the bank's official channels.banking professionalCustomer service must be ready for reports of such scams and provide proactive customer information.Spanish police arrest man who used deepfake to bypass video identificationbanking professionalVideo identification should be strengthened with deepfake detection and additional checks.fintech companyProviders of electronic identification need liveness checks.AI-enabled fraud raises risks for banks in South Africa and the Philippinesbanking professionalMulti-layered verification is needed to counter attempts to bypass deepfake-based identity checks.Deceptive phone calls on the rise, and fraudsters now target companies tooretail customerNever transfer money or give out data over the phone at anyone's request; call the bank back on its own official number.chief financial officerCompany payment approvals should again include a second verification step independent of the phone.banking professionalFraud warnings and customer education should cover corporate clients as well as retail customers.Deepfake Ratan Tata investment scam in India; Guardian reports on AI scam exploiting holiday photosretail customerA video investment offer from a well-known person should not be accepted without verification, and photos shared on social media can serve as the basis for targeted scams.banking professionalCustomer warnings should be extended to investment scams that use deepfake endorsements.ASIC reports record removals of AI-generated fake celebrity investment adsretail customerAn investment endorsed by a celebrity should not be accepted without checking the licence.AI-powered vishing wave hits Wall Street firmsbanking professionalPhone-based customer and internal identity checks should be supplemented with out-of-band verification.Deepfake investment scams in Asia hit Indian businessman, Taipei Exchange and Japanese ad platformsretail customerVideo investment tips from famous people are not authentic; check any investment platform against an official source.Metro Bank customer fights for £14,000 refund after AI-linked fraudbanking professionalThe investigation and refund process after reports of unauthorised transactions is a supervisory and reputational risk.retail customerIf fraud is suspected, tell the bank immediately and keep all evidence.AI voice cloning behind new wire fraud scam targeting law firmschief financial officerWire transfer instructions should be confirmed through an independent channel even when the voice sounds familiar.New bank fraud spreads in Hungary: fake account noticesretail customerDo not click links in urgent messages that refer to your bank account; verify through the bank's official channel.banking professionalCustomer communications should inform clients about the current type of fake message.