The State of Scams report from fraud prevention platform Alloy found that 85% of US-based consumers believe the use of AI makes it harder to detect scams.
,AI-driven bank impersonations are the most commonly cited scams (28%) followed by voice-cloning phone calls (21%) and synthetic identity fraud (18%).
,The report, based on a Harris Poll survey of 2,000 US consumers, also revealed that 62% of respondents have been the victim of such scams or know someone that has and one in five (20%) lost more than $5,000 in these incidents.
,However, while AI may be percieved to be part of the problem, it is also thought to be part of the solution, according to the survey responses.
,Almost all respondents (97%) stated that fraud prevention and security measurers are the most important factor when selecting a bank.
,Meanwhile, two-thirds (66%) say they are more likely to choose a bank if it is using AI as part of its fraud prevention measures.
,“The data confirms what we’re seeing on the ground: AI hasn’t made fraudsters more sophisticated, it’s made them more efficient,” said Sara Seguin, principal advisor on fraud and identity risk at Alloy.
,“A single criminal can now launch thousands of personalized attacks in minutes. But here’s what’s fascinating: consumers get it. They’re demanding banks use the same AI technologies to protect them.”
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