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HomeSouth Africa
South AfricaTechnologyTips & Tricks


UNDERSTANDING GENERATIVE AI AND ITS IMPACT ON PAYMENT FRAUD IN SOUTH AFRICA



By DS News Desk
21st November 2023
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Ryan Mer, CEO at eftsure Africa, a Know Your Payee™ (KYP) platform provider.

The accessibility of generative AI tools has lowered the barriers for would-be
criminals, while the transition to hybrid work models and geographically
dispersed teams has expanded the attack surfaces they can exploit. In this
context, the overlap of AI technology and the interests of financial leaders
becomes increasingly significant, says Ryan Mer, CEO of eftsure Africa, a Know
Your Payee (KYP) platform provider. Numerous financially motivated cybercrimes
hinge on the manipulation of accounts payable (AP) staff and the evasion of
traditional financial safeguards. As generative AI technologies advance, the art
of deception within these crimes is poised to become more sophisticated than
ever before. Businesses could soon face a host of new challenges as generative
AI models can be used to make financial crime more efficient for criminals.

Deceptive ploys, amplified

In the realm of business transactions, generative AI fuels a new era of payment
fraud, employing advanced methods in crafting deceptive content, exploiting
vulnerabilities, and deceiving individuals within payment systems. Generative AI
has new implications for crafting remarkably convincing phishing emails,
messages, and websites that mirror legitimate entities to deceive individuals
into divulging payment data and sensitive information.

Auditory and visual fraudulent deception

Voice manipulation tools are becoming increasingly popular in the cyber-criminal
arsenal. Empowered by advanced voice synthesis, fraudsters generate lifelike
voice recordings that allow them to impersonate figures of authority, such as
CEOs and heads of finance, coaxing victims into actioning unauthorised payments.
Deepfake realism is another alarming facet of generative AI, with the potential
to fabricate realistic video footage that depicts falsified payment transactions
or endorsements that reinforce social engineering tactics. This contributes to a
form of fraud known as instructive imitation, in which fraudsters mimic genuine
communication patterns of well-known business figures, such as CEOs, exploiting
generative AI to send messages coercing subordinates into making unapproved
payments.

Advanced exploitation

Generative AI also greatly enhances forgery expertise and capability, giving
criminals the tools to produce counterfeit invoices and payment-related
documents with a greater authenticity to dupe individuals and businesses into
remitting funds to bogus accounts. Further uses of generative AI for payment
fraud may include attempts at biometric subversion, through the fabrication of
seemingly genuine biometric data. However anti-spoofing technology is also
progressing and tech giants like Apple state that the chance of fooling FaceID
is one in a million. Additionally, generative AI can be used to perform
credential onslaught, by generating volumes of username-password combinations to
amplify the effectiveness of credential stuffing attacks. Here, shared
credentials across accounts, including payment ones, can heighten the risk of
unauthorised access and fraudulent actions.

Unravelling dark web origins

Where do all of these deceptive generative AI capabilities come from? They
spread through the dark web, promoted and sold on illicit forums. One of the
most prominent examples of malicious generative AI is WormGPT, a tool designed
to assist cybercriminals in their nefarious activities. It is labelled a
black-hat alternative to popular AI models like ChatGPT, and it automates
cyberattacks, including phishing and other criminal endeavours. WormGPT is
trained on massive datasets of text and code, and it can generate realistic and
convincing phishing emails, malware, and other malicious content.

Unprecedented digital threats

The dangers of WormGPT are significant. It can be used to generate sophisticated
phishing emails that are more likely to trick users into clicking on malicious
links or attachments, as well as create malware that is more difficult to detect
and remove. It can exploit vulnerabilities in computer systems to gain
unauthorised access, in addition to a multitude of ever-evolving threats. By
employing intricate social engineering strategies and orchestrating business
email compromise (BEC) scams, generative AI like WormGPT equips cybercriminals
with the means to mimic trusted contacts, entice employees into divulging
sensitive data, and orchestrate convincing large-scale phishing campaigns, all
with one ultimate goal: to scam people and businesses out of their money. While
WormGPT might be a relatively new tool, discovered on 13 July 2023, it is clear
that it has the potential to cause significant damage. Businesses need to be
aware of the dangers of WormGPT and similar tools, and take steps to protect
themselves.

Robust payment fraud prevention

While there is no silver bullet, many threats can be avoided with the correct
operational and financial controls as well as server, IT, and email monitoring
processes. Because email accounts are conduits of sensitive information, BEC
attacks are unlikely to subside, particularly in South Africa which had the
highest targeted ransomware and BEC attempts on the continent according to
an Interpol report. To help minimise the risk of these kinds of attacks, firms
should re-evaluate their manual email-based processes and consider software
solutions to digitise, automate and safeguard these processes, as well as having
financial controls in place when it comes to payments by using independent
real-time verification systems that cross-reference payments an organisation is
about to release with independently verified bank account details.

Harnessing technology to defend against generative AI threats

As significant as these generative AI threats can be, they do not have to spell
doom for businesses. The same technological advancements that empower criminals
can also equip organisations with the tools to fight back. Investing in robust
fraud prevention technology is accordingly an essential measure to protect
financial systems and sensitive data. By embracing cutting-edge solutions,
businesses can bolster their defences to detect and thwart fraudulent activities
in real-time. This not only safeguards their financial integrity but also
preserves the trust of customers, partners, and stakeholders.

 * Tags
 * AI
 * Artificial Intelligence
 * eftsure
 * Fraud
 * Generative AI
 * Know Your Payee
 * KYP
 * Payment


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