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How AI is fueling the fraud surge: Sift report

Fintech Nexus

Sift’s latest Digital Trust and Safety Index describes how artificial intelligence (AI) is fuelling a fraud surge that will challenge retailers and financial institutions. It’s behind a more-than-fourfold increase in the account hacking attempt rate in the first quarter of 2023 compared to all of 2022.

You’re not alone if you feel subject to increased spam and scam attempts lately. Nearly 70% of American consumers have reported the same since November 2022. Yet half (49%) say it is also tougher to identify scams. Almost 20% of us believe we have been successfully phished in the last six months, with a similar number believing they have been victimized by account takeover or payment fraud.

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