Fraud-as-a-Service: GenAI & 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.

Learning Objectives:

• Understand the brand new tools used by fraudsters available on dark web.
• Learn the impacts of those tools in financial services and how it's striking the platforms. 
• Be ready to defend your institution against the fraud-as-a-service.

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