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Consulting firm Accenture conducted a survey of 600 banks about the onslaught of AI-generated scams, and their findings may have you wanting to stash your cash under your mattress.
Eighty percent of those surveyed warned that generative AI is allowing hackers to launch attacks faster than banks can respond.
Business Insider explains that AI has allowed scammers to take advantage of stolen data faster than ever before and use AI’s ability to mimic humans to carry out more legit-looking scams. Banking customers and employees are vulnerable to attacks that range from fraudulent purchases to drained bank accounts.
Related: Bank Warns AI Voice Cloning Scams Are Out of Control
Valerie Abend, Accenture’s financial services cybersecurity lead, told the outlet that banks are investing heavily in AI tech to stop these threats but are “greatly hampered by the strict regulations banks must follow.” She notes that banks are turning to third-party cybersecurity experts for help but warns, “This is not a back-office issue; banking executives really need to stop treating this like a compliance problem.”
At stake are billions of customer funds — and their trust in banking institutions.
“Our research shows that 62% of customers lose confidence in their bank after a breach, and 43% choose to stop engaging altogether,” the Accenture report states.
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