AI technology is being used to combat fraud through automated systems that proactively engage with suspicious accounts, such as bots that initiate conversations with fake celebrity profiles on social media platforms, identify when these accounts request money transfers to bank accounts, and automatically report these fraudulent activities to the relevant financial institutions, thereby disrupting fraud networks before they can succeed.
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The One Where Becky Takes on Romance FraudAdded:
Do you see progress on the good side of the fight? Is technology or AI starting to help? I mean, you called out the live video calls.
But what about other aspects? Like, have you seen good cases to call out where AI is actually raising flags faster and alerting?
>> [snorts] >> Absolutely.
I'll mention one company in particular.
There's a a company called Avail Intelligence.
And it's two I'm going to say young because they're in their 30s and that's young to me. Two young guys, entrepreneurs. They've set up this business and it's based on kind of AI scambaiting, if you like. So, overnight they have these bots that troll, let's say Facebook, and they look for fake celebrity accounts.
They start conversations with these celebrity accounts, get to the This is all done by bots.
Get to the point where the celebrity asks them to send money to a bank account and they report that to that bank account.
So, it's very, very clever and that's all done by AI.
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