The FCA today calls for more investment in fraud prevention as the application of AI to financial services is expected to trigger a rise in fraud.
AI is already a concern for businesses and the general public trying to battle fraud, as it could be a hugely powerful tool for criminals. Medius data shows that half of Brits worry that the increased use of artificial intelligence, along with a reduction in human involvement, will lead to an increase in fraud.
Paul Ellis, an invoice fraud expert from Manchester based business, Medius, said, “AI is having an impact on almost all areas of life, and we’re really only at the beginning of what those issues could be.
“From the entertainment industry to journalism to the justice system, everyone is scrambling to keep up. AI could be a hugely powerful tool for criminals, so its important workplaces stay on top of the latest developments and make sure staff are up to date as well.”
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