How AI Is Supercharging Financial Fraud & Making It Harder To Spot

Illustration by Cecilia Zhang for Forbes, photos by mevans/Getty Images, Prasert Krainukul/Getty Images, Halfpoint Images/Getty Images, alacatr/Getty Images

I wanted to inform you that Chase owes you a refund of $2,000. To expedite the process and ensure you receive your refund as soon as possible, please follow the instructions below: 1. Call Chase Customer Service at 1-800-953-XXXX to inquire about the status of your refund.

Be sure to have your account details and any relevant information ready …”If you banked at Chase and received this note in an email or text, you might think it’s legit. It sounds professional, with no peculiar phrasing, grammatical errors or odd salutations characteristic of the phishing attempts that bombard us all these days.

That’s not surprising, since the language was generated by ChatGPT, the AI chatbot released by tech powerhouse OpenAI late last year. As a prompt, we simply typed into ChatGPT, “Email John Doe, Chase owes him $2,000 refund. Call 1-800-953-XXXX to get refund.” (We had to put in a full number to get ChatGPT to cooperate, but we obviously wouldn’t publish it here.) …Story continues…

By: Jeff Kaflin & Emily Mason

Source: How AI Is Supercharging Financial Fraud–And Making It Harder To Spot

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Read more:

Investors accuse private company of financial fraud The Hindu 16:25 

Friday

Robbie Robertson’s Children Accuse Widow of Fraud and Financial Elder Abuse Rolling Stone 23:30 Fri, 24 May 

Corby football club in a ‘much better’ financial position after recovering from treasurer fraud Northamptonshire Telegraph 14:04 Fri, 24 May 

Thursday

With AI tools and crypto aiding financial fraud, cops and industry gear up for a fight Biometric Update 22:16 Thu, 23 May 

Untangling the maze of fraud prevention solutions in financial services Finextra 12:34 Thu, 23 May 

DHS SNAP/Financial Fraud Alert Hawaii Governor (Press Release) 09:26 Thu, 23 May 

In the last month

Payment Fraud Is Top Financial Crime Concern For 1 In 3 Malaysians, Fico Finds Bernama 07:58 Tue, 21 May 

Financial fraud at California’s community colleges Daily News, L.A. 22:59 Mon, 20 May 

Public security launches online service for reporting financial fraud on Mada cards via Absher Saudi Gazette 16:49 Sat, 18 May 

How to protect yourself from financial fraud Statesville Record and Landmark 15:16 Sat, 18 May 

Bookkeeper accused of financial fraud while working at popular farm shop This is Oxfordshire 11:32 Sat, 18 May 

US Veteran Loses $9,100 in Bank Fraud, Faces $2,800 Debt Despite Bank’s Denial of Liability: A Critical Financial Alert Coinotag 06:36 Fri, 17 May 

AI-generated images of Pascal Donohoe used to show dangers of identity fraud during anti-financial crime summit The Irish Independent 20:16 Thu, 16 May 

The emotional impact of fraud is often worse than the financial loss Police Oracle 13:04 Thu, 16 May 

Emotional toll on fraud victims worse than financial impact, research shows Police Professional 10:41 Thu, 16 May 

CBA carries out work to safeguard citizens from financial sector fraud – chief specialist Trend News Agency 10:08 Thu, 16 May 

Leveraging Deep OSINT to Enhance Financial Institution Fraud Prevention Security Boulevard 21:18 Tue, 14 May 

Businesses need to up their game in war on financial fraud, says consumer group Which? Yorkshire Post 14:15 Sat, 11 May 

OGE Steps-up Fight against Financial Fraud ThisDay Live 06:02 Sat, 11 May 

Italy’s mafia shifts focus from bloodshed to financial fraud CGTN 17:21 Fri, 10 May 

The 7M TikTok Cult Is the Subject of Netflix’s Newest Documentary — Lawsuits and Financial Fraud Run Rife Distractify 06:24 Thu, 09 May 

Fraud experts will share valuable protection tips on financial scams and misinformation Galway Advertiser 03:32 Thu, 09 May 

Tidal wave of financial fraud gaining momentum from AI, deepfakes Biometric Update 01:39 Thu, 09 May 

Nedumparambil Finance owner, family arrested in Thiruvalla for financial fraud of Rs 500cr Malayala Manorama 08:52 Wed, 08 May 

Kerala Businessman, Family Arrested For Alleged Financial Fraud Of Rs 500 Crore NDTV.com 22:38 Tue, 07 May 

Two arrested for financial fraud in Tiruppur The Hindu 19:12 Tue, 07 May 

Personable Inc. to Host 2024 AI Summit Focused on Addressing Financial Fraud PR Newswire (Press Release) 17:06 Tue, 07 May 

Soaring Scam and Fraud Sophistication Remains Top Challenge Threatening to Overwhelm the Global Financial Services Sector Business Wire (Press Release) 16:43 Tue, 07 May 

Online financial fraud on the rise: Financial sector stakeholders warn Sri Lanka Daily Mirror 22:09 Mon, 06 May 

How to avoid bad advice or outright fraud when finding financial advice Federal News Network 22:04 Fri, 03 May 

Financial Fraud Is Real—Here’s How to Protect Your Money MorningStar.com 23:14 Thu, 02 May 

Bengaluru woman details ‘financial fraud scheme’: ‘Always check bank account…’ Hindustan Times 16:51 Thu, 02 May 

The Data Dilemma: Navigating Fraud Detection In AI With Financial Insights Forbes 16:08 Thu, 02 May 

A Former HGTV Star Is Going To Jail For Real Estate And Financial Fraud. How He Used The Show To Help His Schemes Cinema Blend 04:20 Thu, 02 May 

India’s financial watchdogs seize over $30m in crackdown on crypto fraud crypto.news 14:20 Wed, 01 May 

Government holds discussion with fintechs on cybersecurity, digital financial fraud The Economic Times 20:59 Tue, 30 Apr 

Nation hit by surge in scams, financial fraud Bangkok Post 02:19 Tue, 30 Apr 

Earnings call: Financial Institutions, Inc. navigates fraud event in Q1 Investing.com 17:42 Mon, 29 Apr 

Mahindra Finance to announce Q4 results on May 4th, delayed because of financial fraud AniNews.in 10:06 Mon, 29 Apr 

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AI attempts chatgpt cooperate financialfraud fraud instructions openai professional refund salutations spot supercharge

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