Generative AI is making identity fraud and social engineering easier, cheaper and more scalable — especially through deepfakes, synthetic identities and other emerging AI-agent risks — so traditional ID verification is increasingly unreliable.
Discussing these challenges for banks on this episode of the AI Fraudcast with ABA’s Paul Benda are Jeremy Grant of the Better Identity Coalition and John Carlson, senior vice president for cybersecurity regulation and resilience at ABA.
Two recent papers are referenced in this episode: Mitigating AI-Powered Attacks Against Identity and Authentication, intended for financial institutions, cybersecurity and fraud professionals, AI service providers, telecommunications companies and policymakers at regulatory agencies and in legislative bodies who are responsible for safeguarding identity systems and mitigating the risks posed by Gen AI; and its companion Recommendations for Policymakers: Mitigating AI-Powered Attacks Against Identity and Authentication, both authored by the Financial Services Sector Coordinating Council’s Artificial Intelligence and Identity and Authentication Workstream (AI-IA), which was co-chaired by the American Bankers Association and Better Identity Coalition.
For ABA’s fraud prevention resources go to aba.com/protectyourmoney. ABA’s scam prevention campaigns #BanksNeverAskThat and #PracticeSafeChecks are newly updated as well. The ABA Foundation’s Protecting Older Americans page includes useful resources to assist the fight against elder financial exploitation and additional increasing threats. Follow the ABA Fraudcast on Apple Podcasts, Spotify or other podcast apps. If the player above is not visible, listen to this episode here.
ABA Fraudcast host is Paul Benda, EVP, risk, fraud and cybersecurity at American Bankers Association:
