The shift to digital platforms has led to a surge in identity theft fueled by cyber-attacks. Cybercriminals use AI to enhance these threats, employing deepfakes and AI-powered password cracking. Data breaches are on the rise, with the average cost reaching $4.45 million in 2023. Cybercriminals are increasingly targeting digital account openings and consumer identity credentials, leading to significant financial losses. To combat these threats, organizations should invest in advanced threat detection, collaborate with regulatory authorities, leverage AI for fraud detection, and promote interdisciplinary collaboration. Educating customers about common fraud tactics and cybersecurity measures is also crucial. Ensuring financial integrity demands constant vigilance, innovation, and collaboration to address the rapid growth of cyber-threats effectively.

Meda, Kennedy. 2024. “Identity Theft Is Being Fueled by AI & Cyber-Attacks.” Thomson Reuters, May 3. READ: https://tmsnrt.rs/4aAZtvV

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