News, 18.03.2024, 13:30 PM
Artificial intelligence technology is fueling the rise of financial fraud and cybercrime, Interpol has warned. Sophisticated scams and human trafficking rings exploit cryptocurrencies and social engineering to steal billions. Interpol said urgent global action is needed to combat this growing threat.
In its latest assessment of global cybercrime and financial fraud, Interpol has warned of the growing threat posed by sophisticated criminal operations using AI technology.
The emergence of artificial intelligence (AI), large language models, cryptocurrencies and service-based fraud models such as phishing and ransomware are fueling the rise of criminal activity worldwide.
Advanced technologies have enabled organized crime groups to carry out professional and complex fraud with minimal technical expertise and costs previously necessary. The emergence of malicious AI chatbots such as WormGPT and FraudGPT are some examples.
Report highlights the expansion of human trafficking networks involved in call center operations, especially in the execution of hybrid scams such as so-called “pig-butchering” schemes, which combine elements of romance and investment crypto scams.
Interpol Secretary General Jürgen Stock expressed concern over the epidemic of financial fraud, highlighting the devastating impact on individuals, businesses and even governments. He stressed the urgent need for coordinated action to close existing loopholes, improve information-sharing mechanisms and spur a global response to combat this threat.
Key findings from the report highlight the prevalence of financial fraud, with prevailing trends including investment scams, cash advance scams, romance scams and business email compromises. Financial fraud typically involves networks of accomplices, varying from highly organized to loosely connected groups.
Interpol is advocating for the establishment of a public-private partnership to trace and recover lost funds.
Since the launch of Interpol's Global Rapid Intervention Payment Mechanism (I-GRIP) in 2022, more than $500 million in proceeds of crime, primarily from cyber fraud, have been intercepted.
The report also looked at regional trends and found that investment internet scams and phishing schemes targeting selected individuals and exploiting mobile phone applications have escalated in Europe. Criminal networks have a sophisticated operating model, often combining several types of fraud.