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How has GenAI actually impacted fraud attacks?
For fraudsters, GenAI’s effectiveness lies in its ability to generate convincing phishing emails, social engineering scripts, and fake identities faster than ever before. Meanwhile, 93% of financial institutions and fintechs believe that AI will revolutionize fraud detection, and 99% of financial organizations say they are already using AI in their fraud controls. In this accelerating game of cat and mouse, financial organizations need an agile, layered defense system to counter the systemic fraud efficiencies brought on by GenAI.
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