Gen AI financial scams are getting very good at duping work email

More than one in four companies now ban their employees from using generative AI. But that does little to protect against criminals who use it to trick employees into sharing sensitive information or pay fraudulent invoices.

Armed with ChatGPT or its dark web equivalent, FraudGPT, criminals can easily create realistic videos of profit and loss statements, fake IDs, false identities or even convincing deepfakes of a company executive using their voice and image.

The statistics are sobering. In a recent survey by the Association of Financial Professionals, 65% of respondents said that their organizations had been victims of attempted or actual payments fraud in 2022. Of those who lost money, 71% were compromised through email. Larger organizations with annual revenue of $1 billion were the most susceptible to email scams, according to the survey.