Independent Banker - June 2024 - 20

PORTFOLIO
◎FOCUS FRAUD
Generative AI fraud:
How to fight it
Generative AI allows fraudsters to easily impersonate real people and
makes phishing emails even harder to detect-but your community bank
can still dodge these attacks by staying vigilant. By Katie Kuehner-Hebert
G
enerative AI is kicking phishing
attempts up a notch, as
fraudsters now have more ways to
easily impersonate real people by
more closely mimicking their writing
style, voice and even their personas via
deepfake videos.
" Generative AI is a relatively new
technology, and like any sort of new
technology, it has beneficial uses,
like making work easier and making
employees more productive, " says
Mickey Marshall, ICBA's assistant
vice president and regulatory counsel.
" But it also has nefarious uses, and it's
being put to use by criminals to engage
in various kinds of fraud. "
The types of generative AI fraud
are similar to the kinds of phishing
scams that have been on the scene for
some time, Marshall says. Common
examples include when fraudsters
impersonate bosses and demand that
an employee wire money immediately
to a " customer's " overseas account
that actually belongs to the fraudster.
Another example is a phone call from
a " family member " who is stranded on
a highway with a broken-down car and
needs money for a tow truck.
However, these tech-savvy
fraudsters have a leg up on traditional
fraud methods. " Simulated voice
and video add another emotional
layer that's going to make people
more likely to act on that fraud, "
Marshall says.
Spotting deepfakes
For now, the technology for generating
voice and video doesn't provide
perfect fidelity to what a real person
would necessarily look or act like, so
detecting and thwarting generative
AI phishing attempts by carefully
scrutinizing emails, calls and videos
can still be done.
" A big part of it is trusting your
instincts, and if something seems
off about the video or a call that
you're receiving, don't ignore it, "
Marshall says.
For example, a deepfake video
may not perfectly mesh with the
person the fraudster is attempting to
impersonate. There may be temporary
glitches or temporary freezes in parts
of their face, or the body may not be
anatomically correct.
" It sounds silly, but are there too
many fingers? Does this person have
too many teeth? Are the shadows
matching up right? Is there too much
glare on their glasses, or no glare on
their glasses when there should be? "
Marshall says. " If there are things that
don't look quite natural, that can be a
warning sign that some AI generation
is being used. "
Community banks should train
their employees and customers that
if they are in doubt about an email,
phone call or video, they should ask
the person something that would
20 // ICBA Independent Banker // June 2024
Illustration by mspoint/Adobe

Independent Banker - June 2024

Table of Contents for the Digital Edition of Independent Banker - June 2024

Contents
Independent Banker - June 2024 - Cover1
Independent Banker - June 2024 - Cover2
Independent Banker - June 2024 - Contents
Independent Banker - June 2024 - 2
Independent Banker - June 2024 - 3
Independent Banker - June 2024 - 4
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