Rise of AI-Powered Scams: A $10.5 Trillion Threat | AI Powered Scam

We're diving deep into a mind-boggling topic that's got everyone talking. Brace yourselves for a wild ride as we explore the surge in high-tech scams, all thanks to the wizardry of artificial intelligence (AI). Regulators, cops, and the financial world are on high alert, and for good reason. Get ready to uncover a world where cybercriminals are using AI's dark side, projected to drain a colossal $8 trillion in 2023 and skyrocket to a jaw-dropping $10.5 trillion by 2025 – that's more than Japan's economy!


NASA and others Launching Gateway's International Habitat module to Explore Moon by Astronauts


Imagine this: crooks armed with AI-generated children's voices and masks fashioned from social media pics. It's a next-gen scam, and it's got cybersecurity experts losing sleep.

Lina Khan, big shot at the US Federal Trade Commission, is sounding the alarm. AI is turbocharging fraud, and she's calling for law enforcement to step up.

Before AI took center stage, financial fraud was already making wallets lighter. In the US, losses hit a whopping $8.8 billion last year, up 44% from 2021, despite beefed-up defenses.

Wells Fargo, Deutsche Bank – they're shouting from the rooftops. The looming fraud tsunami isn't just about dollars lost; it's about trust shattered into a million pieces.

James Roberts from the Commonwealth Bank of Australia calls it an "arms race." Scammers are evolving, and AI is their secret weapon. We're talking about classic cons in HD.

COVID-19's Assist: Lockdowns, Logins, and Looting

COVID-19 pushed us online, and guess who tagged along? Scammers, of course. They saw an opportunity and jumped right in.

Banks are fighting back with AI-fueled tools to spot shady deals, track mouse movements, and sniff out fake images. But guess what? Scammers are evolving too.

With tech evolving fast, lawmakers are scratching their heads. Who's accountable? Banks, tech giants, or the guy in a basement? It's a gray area.

Imagine monitoring 85 million events daily in a country of 26 million. That's what the Commonwealth Bank of Australia is up against. Tech helps, but the fraud puzzle might never be fully solved.

So, folks, that's the lowdown on AI-powered scams shaking up the scene. Brace for a battle against deception that's tougher than ever. Stay sharp, stay cautious – the digital age has its wonders and its tricks. 'Til next time, keep those cyber radars buzzing!

Comments

Post a Comment

Popular posts from this blog

Cheapest Web Hosting and Domain name, get webhosting and domain name in $11 only

Image
Many bloggers will suggest you to purchase the hosting from their affiliate link so they get the commission from your purchase. But today I'm not gonna tell you about hosting or domain name that will pay me a commission instead the hosting that is cheapest in the world. I hope this will help many starters that want to create website but don't have much money.  Hosting Today you will get information about hosting that has 99.9% uptime and is also cheapest. That hosting provider is Symbol Host . Symbol Host will provide you hosting in only $10 per year which is minimum price for hosting in the world, I think. Domain Name Now, You have purchased the hosting let's purchase domain name. You can purchase cheap domain name from Namecheap . They will give you a dotcom domain in just $5.98 per year but if it's expensive for you like it is for me then you can opt for dot online domain for only $0.98 per year. I think there will be no cheap domain like this. Now, here is your tota...
Read more

How to use ChatGPT for Accountants

Image
As you all know about the hype of AI tools. And whenever we think about AI tools, one of the names is ChatGPT. ChatGPT has a wide range of Applications but in this blog we are going to discuss how Chartered Accountants [CA] can leverage the power of ChatGPT in order to boost productivity. This blog won’t waste your time as I am also pursuing CA and currently working in KPMG. So, I will give you practical instances where you can deploy ChatGPT to boost productivity. Let’s dive into it. Summarizing ISAs You will take much more time to read the whole standard and decipher the core purpose than reading a quick summary. If you are an auditor and need a quick summary of an Audit Standard then ChatGPT is really helpful for you. Here is what you can try:  Type a prompt like this “Give me a concise summary of ISA 710” Summarizing 30 Pages PDF How much time do you take to read 30 pages of pdf? I think that is a lot more than reading 3-4 pages. Suppose you are going to read an appellate order...
Read more

Luna-25 from Russia reaches Moon Orbit: New Space race to moon

Image
Hey space fans, get ready to blast off with some out-of-this-world news! Moscow's back in the moon game with a bang. They've just sent their Luna-25 lander on a cosmic adventure around the Moon – the first time in nearly 50 years! That's like reviving an epic space tale after a long interstellar nap. A sleek spaceship called Luna-25 is now cruising around the Moon, orbiting like a cosmic dancer. Moscow's pulling out all the stops to revive their space power, taking a page from the Soviet Union's historic space playbook. This lunar magic happened Moscow time (0903 GMT), and let's just say, the folks at the Roscosmos space agency are over the moon with joy. This high-tech traveler is equipped with cameras that have already snapped jaw-dropping pics of Earth and the Moon from way up in the cosmos. Here's the scoop: Luna-25 is chilling 100 kilometers above the Moon's surface, ready to make a grand landing near the Boguslawsky crater on the lunar south pole c...
Read more