Fraudsters using AI to create synthetic identities

Generative AI has beneficial uses for financial institutions, but fraudsters have taken note, employing the technology to create thousands of fake identities. 

The emergence of generative AI has made rooting out fake users even more challenging for financial institutions (FIs), with cybercriminals harnessing it to deepfake a person’s appearance or replicate their speaking voice, Ajay Amlani, senior vice president and head of the Americas at biometric security company iProov, tells Bank Automation News in this episode of “The Buzz” podcast.