AI-driven fraud accounts for 42% of all detected fraud attempts in the financial and payments sector, revealed research by Signicat’s 2024 report Battle Against AI-Driven Identity Fraud.

AI has the potential to make fraud easier and more accessible for scammers. Signicat warned that businesses need to leverage AI to fight AI driven cyberattacks. This is particularly important as 29% of AI fraud attempts are considered successful.

There is increasing use of deepfakes, synthetic identities, and sophisticated phishing campaigns. These advanced techniques allow fraudsters to operate at an unprecedented scale and level of sophistication.