{
  "id": 17779431,
  "title": "Technology is reinventing fraud: Financial institutions must keep up",
  "url": "https://urgent.news/2026/11/02/technology-is-reinventing-fraud-financial-institutions-must-keep-up",
  "topic": "tech",
  "section": "Tech",
  "published": "2026-11-02T10:05:16.000Z",
  "source": {
    "name": "TechRadar",
    "slug": "techradar",
    "url": "https://www.techradar.com/pro/technology-is-reinventing-fraud-financial-institutions-must-keep-up"
  },
  "original_language": "en",
  "account": "In the United Kingdom, fraudulent losses reached £1.3 billion, highlighting how the scale of fraud is expanding. A contributing factor to this growth is the rise of technology, particularly AI, which is increasingly being used by criminals as a powerful tool. As these technologies continue to evolve, criminal networks are becoming faster and more sophisticated in their operations, posing a significant challenge for financial institutions. With the advent of AI, fraudsters are using advanced technologies including generative AI to industrialize social engineering. This industrialization is making it easier for them to manipulate social engineering methods and create convincing scam calls, impersonations, and personalized social engineering tactics that can erode people's skepticism and protect them from fraud. As these technologies become more accessible and powerful, the attack surface for fraudsters has been expanded, allowing them to target the trust layer, where systems and humans make decisions about what is legitimate. Traditional security measures are struggling to keep up with these threats, as they are often defeated by the criminals themselves, who use AI to manipulate people into authorizing transactions themselves. The fraud appears entirely legitimate when it enters the bank's systems, making it difficult for banks to distinguish between legitimate and fraudulent transactions. As banks invest in AI-driven detection systems, the incentive for criminals to attack the banks' systems directly increases. This transitional phase indicates that technology is now being used by fraudsters to defeat people, and it may soon evolve to directly probe and attack financial institutions. To stay ahead of these increasingly automated attacks, financial institutions must treat their systems as attack surfaces from the beginning, rather than considering them as an afterthought. This requires a shift in thinking from incident response to a more proactive, research-oriented approach to detection.",
  "summary": "Criminals network attack the trust layer: here’s who banks can take it back.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}