Treasury warns AI-driven financial fraud threatens small banks due to their data gap.
The Treasury Department warns that AI is enabling more sophisticated financial fraud as criminals can now realistically mimic voice and video to impersonate customers, and craft better phishing emails. Small banks face a significant data gap as they lack the internal data needed for AI models, making them vulnerable to fraud. The Treasury suggests using its own historical data to help narrow the divide.
March 27, 2024
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