AI Helps Make Fraud 4.5 Times as Profitable for Scammers
Fraudsters are reportedly trading massive scam operations for smaller and more profitable schemes using artificial intelligence (AI). That’s according to Giles Thomson, president of the Financial Action Task Force (FATF), who outlined the fraud landscape in a Monday (Sept. 14) interview with the Financial Times. As the report notes, fraudsters have for years used giant compounds housing hundreds…
According to Giles Thomson, president of the Financial Action Task Force, fraudsters are increasingly utilizing artificial intelligence (AI) to make their fraudulent activities more profitable and easier to carry out. In an interview with the Financial Times, Thomson highlighted the shift from large-scale fraud operations to smaller, more sophisticated schemes.
AI enables scammers to impersonate individuals using deepfakes or create fake websites, making complex plans simpler. Interpol data shows that AI-enabled fraud is 4.5 times more profitable than traditional methods, with global fraud reports increasing by 54% since 2024. The FBI reported $893 million in losses from AI-assisted fraud in 2025, noting that these crimes are becoming harder to detect and easier to execute.
Visa's James Mirfin explained that AI systems can now generate borrowers to evade traditional fraud detection methods, putting banks and consumers at risk. The evolving race between AI-driven fraud and detection measures is intensifying, as noted by Adam Hiatt of Spreedly.
Written by urgent.news from PYMNTS's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
