Interpol warns of “epidemic of financial fraud” through AI

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The police authority calls for action against criminals using AI technology. One type of fraud is of particular concern to investigators.

Interpol is sounding the alarm: artificial intelligence (AI) is making it easier for criminal gangs to reach victims all over the world. The global police authority, comprising 196 member states, is therefore calling for greater efforts to combat financial fraud using AI.

In combination with phishing and malware, AI has led to sophisticated fraud campaigns. According to Interpol Secretary General Jürgen Stock, this does not require advanced technical knowledge. He spoke of an “epidemic of financial fraud” at a meeting of the British government.

A form of fraud known as “pig butchering” is apparently of particular concern to officials. Criminals use fake social media or dating websites to make virtual contact with their victims. They try to establish a romantic relationship and ultimately gain access to the victim’s assets.

The scammers often use human trafficking to procure the people who take over the communication. People from poorer countries are lured with job offers and forced to work in criminal call centers.

It is important that there are “no safe havens where financial fraudsters can operate,” says Stock. To achieve this, security loopholes must be closed, and the exchange of information across borders must become the norm. Training and more capacity among law enforcement authorities are also needed.

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