Experian Fraud Report Reveals Generative AI, Deepfakes and Cybercrime Concerns for Businesses
Monday, August 12, 2024
Experian’s newly released 2024 U.S. Identity and Fraud Report reveals that generative AI (Gen AI), deepfakes and cybercrime are critical threats putting intensifying pressures on businesses.
This year’s data found that companies reported high engagement and investment in Gen AI, Gen AI security solutions and AI models that improve customer decisions. However, businesses also recognize the challenges of Gen AI with 70% of businesses saying that AI fraud is expected to be the second greatest challenge for their business. In fact, Tier 1 businesses listed Gen AI fraud as their top stress point.
Despite those concerns, funding for Gen AI fraud detection and prevention is lacking. When asked about the most important potential investment areas for 2024, businesses ranked detecting and preventing Gen AI fraud and deepfakes as the 12th most important investment area behind prevention for legacy fraud types like identity theft and first-party fraud. As the widespread use of Gen AI continues to accelerate, businesses will need to be prepared to address this evolving fraud.
“With digital transactions increasing every day and new technology changing the fraud landscape, our latest report underscores the need for businesses to review their current strategies and invest in the right tools to address the evolving complexity of fraud schemes of the future,” said Kathleen Peters, chief innovation officer for Experian in North America. “Companies need to take a multilayered approach to fraud prevention that leverages the right data, analytics and technology in an orchestrated way to combat fraud and build trust and positive experiences with legitimate customers.”
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