AI-Powered Scams Cause Rising Financial Losses Globally

Thumbnail Image

The information displayed in the AIM should not be reported as representing the official views of the OECD or of its member countries.

Criminals are increasingly using AI technologies, such as chatbots and voice cloning, to deceive consumers into transferring money, resulting in significant financial losses. Visa's 2024 report highlights the growing sophistication and organization of these AI-enabled scams, despite efforts to prevent fraud and billions of dollars invested in security measures.[AI generated]

Why's our monitor labelling this an incident or hazard?

The event involves the use of AI systems (AI chatbots, voice cloning) by criminals to deceive consumers into transferring money, which directly causes financial harm to individuals. The harm is realized and significant, as evidenced by billions of dollars in fraud prevented and increasing losses. Therefore, this qualifies as an AI Incident due to direct harm caused by the use of AI in fraudulent activities.[AI generated]
AI principles
AccountabilityPrivacy & data governanceRobustness & digital securitySafetyTransparency & explainabilityHuman wellbeing
Industries
Financial and insurance servicesDigital security
Affected stakeholders
Consumers
Harm types
Economic/PropertyPsychologicalReputational
AI system task:
Interaction support/chatbotsContent generation

Articles about this incident or hazard