Sophisticated artificial intelligence-driven fraud is increasingly targeting U.S. consumers, who are falling victim to schemes that steal their IDS, credit cards or make fraudulent charges, a new analysis has found.
According to the latest Top Fraud Trends Report by TransUnion, 1 in 6 U.S. consumers said they lost money to digital fraud in the form of email, online, phone call or text messaging scams in the last year. The median reported loss was $2,307.
"Fraud is big. It's growing, it's everywhere and it's not going away," Clint Lowry, vice president of global fraud solutions at TransUnion, told USA TODAY.
Generative AI has likely accelerated the scale and sophistication of the criminal activity.
AI is a powerful tool that businesses like TransUnion can use to protect consumers, but fraudsters can and are also using it to their advantage, Lowry said.
