Audio, video and images generated by AI — so-called deepfakes — are one of the factors behind that rise. Accounting and consulting firm Deloitte estimates that AI-generated content contributed to more than $12bn in fraud losses in the US last year, and could reach $40bn by 2027.
As the problem has grown in a range of countries, so has the debate between government, banks and technology companies over who should foot the bill when the money cannot be recovered.
In the UK, the government ruled that banks are liable for up to £85,000 in losses. In Australia, more of the blame may be pinned on tech companies.
In the US, the question of who must pay remains unanswered — and is becoming politically fraught. Some senior Democrats want the banks to take more responsibility, and the Consumer Financial Protection Bureau is investigating Zelle, an account-to-account payments system owned by a consortium of large US banks which has been used by scammers.
Last Updated on December 13, 2024