- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-11-14T20:36:00
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert Wednesday to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
Deepfakes are highly sophisticated fraud schemes that are crafted, often with AI, to trick intended targets into believing a phone call, email, or video is legitimate. Most often, the aim of the caller, who poses as a known bank employee or executive, is to convince the bank employee, manager–or fellow executive–that their request to transfer funds is legitimate.
The use of AI has allowed criminals to expertly re-create a real person’s voice or 3D likeness, and it is often very difficult to discern whether a communication is real or a deepfake.
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2024-10-29T19:47:00Z By Adrianne Appel
Artificial intelligence is an exciting, new technology and it is well-regulated by old laws and rules already on the books, financial regulators said at Compliance Week’s AI & Compliance Summit at Boston University.
2024-10-17T17:42:00Z By Adrianne Appel
New York financial institutions are expected to address cybersecurity risks posed by artificial intelligence, and new guidance from the New York Department of Financial Services is aimed at helping firms do just that.
2023-11-03T16:00:00Z By Martina Dove, for International Compliance Association
We are not the only ones benefiting from the convenience of new technologies like generative artificial intelligence. Scammers are, too.
2025-03-10T20:56:00Z By Adrianne Appel
The public reported a 25 percent increase in losses–totaling more than $12.5 billion in 2024–to investment scams, tech rip-offs, and general fraud, according to an analysis by the Federal Trade Commission.
2025-01-08T17:13:00Z By Jeff Dale
Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão “with just cause” after an internal probe discovered “suspicious financial transactions” in his sphere.
2024-12-30T14:57:00Z By Aaron Nicodemus
A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.
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