By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
PulseReporterPulseReporter
  • Home
  • Entertainment
  • Lifestyle
  • Money
  • Tech
  • Travel
  • Investigations
Reading: AI deepfakes pose ‘important’ threat to ‘id methods upon which our total economic system depends,’ warns fintech CEO
Share
Notification Show More
Font ResizerAa
PulseReporterPulseReporter
Font ResizerAa
  • Home
  • Entertainment
  • Lifestyle
  • Money
  • Tech
  • Travel
  • Investigations
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
PulseReporter > Blog > Money > AI deepfakes pose ‘important’ threat to ‘id methods upon which our total economic system depends,’ warns fintech CEO
Money

AI deepfakes pose ‘important’ threat to ‘id methods upon which our total economic system depends,’ warns fintech CEO

Pulse Reporter
Last updated: May 30, 2025 12:10 am
Pulse Reporter 1 month ago
Share
AI deepfakes pose ‘important’ threat to ‘id methods upon which our total economic system depends,’ warns fintech CEO
SHARE



Contents
AI-powered fraudOngoing risk

With one new AI functionality after one other getting into the mainstream, it’s tempting to offer each the identical cursory consideration. However some advantage extra consideration than others.

Take into account AI deepfakes. Scammers can now use generative-AI instruments to create voices, and even dwell video fakes, that sound or seem like particular individuals—and request cash transfers. As such, there’s a “important” threat of such capabilities “breaking the belief and id methods upon which our total economic system depends,” stated Emily Chiu, CEO of Miami-based fintech startup Novo, at Fortune’s Most Highly effective Ladies summit in Riyadh, Saudi Arabia, final week.

AI-powered fraud

She cited a case in Hong Kong final yr through which a finance worker was duped into transferring greater than $25 million to fraudsters. The worker, regardless of being skeptical after receiving an e mail request for the funds, was lured right into a Zoom name through which no person else was actual—although they appeared and seemed like the corporate’s U.Ok.-based CFO and different executives.

A police official investigating the case instructed native media that whereas earlier scams had concerned one-on-one video calls, “this time, in a multi-person video convention, it seems that everybody you see is faux.”

But as subtle because the AI know-how behind such scams is, it’s comparatively simple to entry and use.

“The general public accessibility of those providers has lowered the barrier of entry for cyber criminals—they not must have particular technological talent units,” David Fairman, chief safety officer at cybersecurity firm Netskope, instructed CNBC.

Arup, a U.Ok. engineering agency, later confirmed that it had been the sufferer within the assault.

“Like many different companies across the globe, our operations are topic to common assaults, together with bill fraud, phishing scams, WhatsApp voice spoofing, and deepfakes,” stated Arup CIO Rob Greig in an announcement. “That is an business, enterprise, and social situation, and I hope our expertise may help increase consciousness of the rising sophistication and evolving methods of dangerous actors.”

Ongoing risk

Deloitte’s Middle for Monetary Providers just lately weighed in on the difficulty, stating, “Generative AI is anticipated to considerably increase the specter of fraud, which may value banks and their prospects as a lot as US$40 billion by 2027.”

Chiu stated the Hong Kong incident exhibits that “we’re going to run right into a world the place our capacity to essentially belief and validate what’s actual—the system of belief upon which commerce depends, upon which fintech depends—goes to be an actual problem.”

In fact, that presents alternatives for corporations that may give you efficient options to this downside, “however it’s not a solved state of affairs but,” Chiu stated. “So, it’s one thing I might be looking out for…even in case you’re outdoors of fintech.”

This story was initially featured on Fortune.com

You Might Also Like

Buffett explains why he prefers to put money into shares as an alternative of actual property

Trump tariffs received’t simply make imports pricier — automobile insurance coverage prices will go up too

Andy Jassy is the proper Amazon CEO for the Gen AI cost-cutting period

Ford CEO Jim Farley says Waymo’s strategy to self-driving makes extra sense than Tesla’s

OpenAI rejects Elon Musk’s $97.4 billion takeover bid

Share This Article
Facebook Twitter Email Print
Previous Article There's A New Report On The Origins Of The Alleged Feud Between Brooklyn And Nicola Peltz Beckham And The Beckham Household There's A New Report On The Origins Of The Alleged Feud Between Brooklyn And Nicola Peltz Beckham And The Beckham Household
Next Article Hilton simply opened a luxurious lodge close to the Eiffel Tower — and you may guide it from 110,000 factors Hilton simply opened a luxurious lodge close to the Eiffel Tower — and you may guide it from 110,000 factors
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Weekly Newsletter

Subscribe to our newsletter to get our newest articles instantly!

More News

Ashley Roberts Was Sick From Being In Pussycat Dolls
Ashley Roberts Was Sick From Being In Pussycat Dolls
5 minutes ago
Greatest Prime Day 2025 offers for underneath
Greatest Prime Day 2025 offers for underneath $50
43 minutes ago
Markets are ignoring the newest spherical of Trump’s tariffs, however ‘in some unspecified time in the future the rubber has to hit the street,’ UBS strategist says
Markets are ignoring the newest spherical of Trump’s tariffs, however ‘in some unspecified time in the future the rubber has to hit the street,’ UBS strategist says
55 minutes ago
29 Ideas I Had Whereas Watching The First Ep Of “Secret Lives Of Mormon Wives”
29 Ideas I Had Whereas Watching The First Ep Of “Secret Lives Of Mormon Wives”
1 hour ago
Prime Day Picks From Individuals Who Obsessively Take a look at Gear & Monitor Costs
Prime Day Picks From Individuals Who Obsessively Take a look at Gear & Monitor Costs
2 hours ago

About Us

about us

PulseReporter connects with and influences 20 million readers globally, establishing us as the leading destination for cutting-edge insights in entertainment, lifestyle, money, tech, travel, and investigative journalism.

Categories

  • Entertainment
  • Investigations
  • Lifestyle
  • Money
  • Tech
  • Travel

Trending

  • Ashley Roberts Was Sick From Being In Pussycat Dolls
  • Greatest Prime Day 2025 offers for underneath $50
  • Markets are ignoring the newest spherical of Trump’s tariffs, however ‘in some unspecified time in the future the rubber has to hit the street,’ UBS strategist says

Quick Links

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms Of Service
  • Disclaimer
2024 © Pulse Reporter. All Rights Reserved.
Welcome Back!

Sign in to your account