Sumsub keeps getting questions from our followers about the specifics of regulatory compliance, verification, automated solutions, and everything in between. We’ve therefore decided to launch a bi-weekly Q&A series, where our legal, tech, and other experts answer your most frequently asked questions. Check out The Sumsuber and our social media every other Thursday for new answers, and don’t forget to ask about the things that interest you. This week, our Head of AI/ML, Pavel Goldman-Kalaydin, will briefly discuss about the new types of AI-powered fraud. Follow this bi-weekly series and submit your own questions to our Instagram and LinkedIn.
With advances in machine learning and deepfake technology, AI-powered fraud techniques have become more accessible to cybercriminals.
In 2024, AI has quickly transitioned from an emerging technology to a widely available commodity. Now, AI technologies enable fraudsters to execute cheap, complex, and large-scale schemes. AI-powered tools are widely used to forge documents and create highly-convincing deepfakes, impersonating trusted users during verification checks. Fraudsters can employ AI-driven bots to scrape personal data from social media, dark web marketplaces, and phishing campaigns to piece together synthetic identities. AI algorithms can also automate account takeovers by testing vast combinations of stolen credentials across multiple platforms, exploiting weak security systems.
The accessibility of AI is proven by the results of our survey, which show that a majority of end users engage with AI tools frequently, either a few times a month (12%), a few times a week (26%), or daily (20%). This underscores the critical need for companies to adopt AI-driven defenses to stay ahead in the fight against increasingly intelligent threats.
Check out Sumsub’s 2024 Identity Fraud Report to get insights into fraud prevention trends and recommended strategies for businesses to defend against fraud.
Pavel Goldman Kalaydin
Head of AI/ML at Sumsub
