How scammers are using AI this holiday season to steal your money
Live MintThe holidays are a bonanza for scammers preying on people eager for deals. Visa said the number of charges on its credit-card network blocked for potential fraud on Black Friday and Cyber Monday surged 200% globally from last year. AI is also helping scammers generate more fake online ads and shopping sites that entice people to share credit-card information. AI is being used to generate fake driver’s licenses or passports—or even deepfake videos in cases when account holders are asked to send selfie videos to verify identities, according to Plaid. “The biggest thing I’ve heard from financial institutions over and over again is that the current tools that they have for fraud prevention are not matching the tools that fraudsters are able to bring," said John Pitts, head of policy at Plaid.
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