CAMBRIDGE, England, July 24,
2024 /PRNewswire/ -- UK technology company Zenoo
warns the use of AI in banking fraud is just getting started – and
collaboration with AI specialists is required to stem its flow.
Cambridge-based Zenoo - whose
clients include London Stock Exchange, Experian, Transunion and
NASA - supplies digital onboarding and protection from financial
crime for businesses and has issued a warning to the banking
community that the malevolent use of AI will only become more
sophisticated and prevalent in the future.
Zenoo UK managing director George
Taylor said: "It's an enormous concern how quickly and
significantly AI is being innovated to assist in banking fraud. In
particular, social engineering attacks to steal personal
information, enable identity theft and unauthorised access to bank
accounts, is becoming remarkably advanced."
Key areas of concern include Psychographic Profiling - where AI
will analyse extensive data to create detailed psychographic
profiles of individuals, tailoring social engineering attacks to
exploit specific psychological traits – and Manipulative
Interactions where the rising use of chatbots and virtual
assistants in banking will be taken advantage of to engage in
prolonged, convincing interactions with targets to extract
sensitive information or induce them to perform actions that
compromise their security.
Taylor is calling for banking to respond to the AI threat with
AI too by collaborating with AI defence systems that can learn and
adapt in real-time to detect and respond to emerging threats and
machine learning models to identify and predict potential fraud
based on evolving patterns and behaviours.
He adds: "The key word in combatting the AI threat is
'collaboration'. Here at Zenoo we partner with cutting edge
providers of the latest AI deepfake detection solutions which can
be easily integrated into existing or new customer on boarding
flows to combat fraud. We must take advantage of those specialists
who are analysing and responding to the AI threat on a daily
basis".
Visit Zenoo to learn more or book a demo.
About Zenoo
Zenoo specialises in the remote onboarding of customers for
international companies to help them improve their conversion
rates, breaking down barriers and making it easier for their
customers to open accounts online.
Visit partner.zenoo.com for further information.
Media enquiries
Contact Bruce Ackland on +44 7884
076548 or email backland@wavelengthgroup.com
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