Artificial intelligence (AI) is posing increasing risks to financial firms, according to a report by the U.S. Treasury Department, with criminals able to mimic voice or video, impersonate customers and carry out sophisticated email phishing attacks.
The report highlights the need for improved coordination and regulation to address these risks, and emphasizes the challenges faced by smaller financial firms, which have fewer IT resources and less expertise in developing AI systems.
To bridge this gap, the American Bankers Association is designing a pilot program for industry information-sharing on fraud. The U.S. government may also provide access to historical fraud reports to train AI models. See the report.