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In 2024, AI-powered fraud schemes, including deepfake voice impersonations and fake payment orders, led to nearly €1.2 billion in payment fraud across Europe. Criminals exploited generative AI, while banks responded with AI-based detection systems. The incident highlights significant financial harm and the evolving threat of AI-enabled fraud.[AI generated]
Why's our monitor labelling this an incident or hazard?
The article explicitly mentions AI systems being used by fraudsters to perpetrate payment fraud, causing significant financial harm, which fits the definition of an AI Incident (harm to property and communities). It also discusses AI systems used by banks to detect fraud, which is part of the response but does not negate the occurrence of harm. The presence of AI in both the development and use phases of these frauds and detection systems is clear. The harm is realized (1.2 billion euros in fraud), and the AI's role is pivotal in both enabling fraud and combating it. Hence, the classification as AI Incident is appropriate.[AI generated]