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Is Generative Artificial Intelligence Fuelling the Rise of Online Fraud?

Online fraud is not a new phenomenon, but it has recently undergone a significant transformation as criminals increasingly leverage advanced technologies, especially generative Artificial Intelligence (AI). While AI has many positive applications, such as ChatGPT, unfortunately, it also presents a much darker side – the ability to create realistic and convincing false content that can be used for malicious purposes.

A 2022 survey by Statista found that 57% of global consumers claimed they could detect a deepfake video, while 43% said they could not tell the difference between a deepfake video and a real one.

Europol has warned about the use of AI by criminal organisations to carry out online fraud. One of the most prominent examples is the emergence of AI-generated deepfakes, which are synthetic images, videos, or audio that mimic real people or events.

According to Statista’s survey published earlier this year, 66% of cyberattacks involve deepfakes. These deepfakes, created with the help of generative AI, are being used for various types of fraud, and the authenticity and sophistication of this AI-generated content makes it hard to distinguish them from reality, posing a serious risk to individuals and businesses alike.

The numbers are alarming – it is estimated that 500,000 video and voice deepfakes have been shared online globally throughout 2023. Criminals are quick to adapt, and with the increasing availability of generative AI tools, the situation will likely worsen quickly.

To combat this rising threat, eBOS has developed the WiseBOS eCV (Electronic Customer Verification) software solution for enterprises. WiseBOS eCV is a revolutionary solution designed to streamline the identity verification process for customers. WiseBOS eCV simplifies the KYC compliance challenges to counter risks posed by sophisticated deep fakes with two different methods of verification:

1
eIDV (Electronic Identity Verification)

Validates the authenticity of government-issued ID Documents from over 240+ Countries and Territories. Its document database consists of over 13,000 templates and supports 138 languages.

2
eIDV and eFACEv (Electronic Face Verification)

These features verify the authenticity of any legal document and employ “liveness verification.” Users are prompted to capture a live portrait picture of themselves, and the system provides a similarity percentage range by comparing the ID picture with the live image of the person.

These features allow businesses to autonomously verify their customers’ identities in real-time, ensuring a swift and secure identity verification process. WiseBOS eCV ultimately ensures a secure and efficient onboarding process, safeguarding your organisation against evolving AI-driven fraud threats.

 

Get in Contact with our Team of Experts

While the potential risks are real, so is the power of innovative solutions. To obtain more information about WiseBOS eCV and how it can fortify your organisation’s defence against AI-driven fraud, contact us for a free demo today!