Can AI tackle ID scams and other frauds: How can businesses leverage AI to their benefit?

Artificial Intelligence (AI) has become a reckoning force in various industries, be it automobile, healthcare, finance, or ecommerce. While AI has increasingly been associated with the positive impacts it brings on, it has also emerged as a growing threat to identity security.

Let’s take this example – A relative or a colleague reaches out to you in distress and ask you to transfer money. Do you transfer Rs 10,000 or $25 million? It depends on your luck or rather ill luck. Welcome to the world of Deepfakes. Deepfakes, for instance, leverage AI to create realistic video forgers that can impersonate individuals, leading to financial scams and reputational damage.