The first known safe dates to the 13th century BCE and was made of wood with movable pins that dropped into holes to lock it in place. In today’s digital age of fighting fraud and scams, some of the same principles of those in ancient times still apply — albeit with advanced technologies such as biometrics, blockchain and nanotechnology.
This comes at a time when criminals are becoming increasingly sophisticated and well-resourced. Just last year alone, Australians lost more than AU$400 million to scams, with the ACCC believing the real figure is likely much higher, given many victims don’t report their losses.
The complexity of fraud is also rising. Recently, scammers produced a deepfake video of Australian billionaire Andrew Forrest where his image and voice were manipulated to promote a fake cryptocurrency scam. This incident is not isolated; experts from Deloitte have warned that fraudsters will use generative artificial intelligence (GenAI) to enhance attacks. So how exactly is AI compounding cyberthreats?
Each new channel unveils new fraud opportunities
Rapid digital transformation across Australia and New Zealand has ushered in a multitude of online services, enhancing consumer convenience. However, this interconnectedness provides cybercriminals with numerous entry points. Gaining access to just one service can expose a wealth of personal data. Easily accessible GenAI tools have also made social engineering attacks, like phishing, even more convincing. Its innovative and fast nature enables attackers to automate, scale up and fine-tune attack methods and unknow ..
Support the originator by clicking the read the rest link below.
