AI-enabled fraud outpacing response, UK finance leaders say

Homepage > News > Business > AI-enabled fraud outpacing response, UK finance leaders say Organizations experiencing artificial intelligence (AI)-enabled fraud are struggling to keep pace with increasingly sophisticated attacks, according to a new survey by The Payment Association, the trade association for the United Kingdom payments industry. In a survey of 100 senior U.K. financial services decision-makers across financial crime, fraud, risk, compliance, and related functions, The Payment Association found that 76% of respondents who had encountered AI-enabled fraud said it was “exceeding organisations’ ability to counter it.” This represented the largest perceived response gap of any financial crime risks examined in the research. Despite the pace of AI-enabled fraud, only half of respondents said AI fraud prevention was among their organizations’ investment priorities for the next 12 months, with 41% of respondents stating that AI governance was the area of financial crime that most lacked practical implementation, ahead of crypto compliance at 37%. Together, these findings suggest organizations are struggling to keep pace with the governance and implementation challen...