Fraud-as-a-Service: GenAI and Sophisticated Tools Used by Fraudsters

Generative artificial intelligence and app cloners have gained prominence in recent months. With great severity, they have caused millions of US dollars in losses through fraud against financial institutions, e-commerce and gig economy apps. The tools are available for prices ranging from $80 to $30,000 per month. Fraudsters are becoming increasingly organized, resembling a production line, and these tools are being distributed on the deep web and in fraudster communities on social networks and messaging apps, operating as a monthly subscription service costing a few hundred dollars: it is fraud-as-a-service.

In this session, Eduardo Pires, Global Head of Industry of Food Delivery and Ride-Hailing at Incognia will present real world examples and the latest malware and technological tools used by fraudsters to perpetrate large-scale fraud. He will delve into how each of these software functions, the primary challenges faced thus far, upcoming trends in fraud, and, most importantly, how institutions can defend themselves against these large-scale attacks.

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