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Summoning the demon: The new risks of artificial intelligence

The first incident of AI voice fraud allowed criminals to mimic a CEO’s voice and steal over $200,000.

By Richard Wickliffe, CPCU, CLU, ARM | December 09, 2019 at 12:00 AM
Cyber hackers use AI. Artificial intelligence is providing hackers with a new set of tools to fool companies into transferring money to bogus bank accounts. (Photo: Shutterstock)

“We should be very careful about artificial intelligence… With artificial intelligence, we’re summoning the demon.” — Elon Musk at MIT’s AeroAstro Centennial Symposium

As technology progresses, new risks and opportunities for fraud escalate. We’ve seen “deepfake” videos, where images of celebrities or politicians are manipulated to say or do things they never did. A deepfake is a technique for human image synthesis based on artificial intelligence (AI). Initially considered an “image” application, deepfakes have now been utilized for voice mimicry. This year marked the first reported incident of an AI-generated voice deepfake used to commit a major fraud.

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