{"id":104082,"date":"2026-02-27T02:49:47","date_gmt":"2026-02-27T05:49:47","guid":{"rendered":"https:\/\/tech.einnews.com\/article\/896033400"},"modified":"2026-02-27T02:49:47","modified_gmt":"2026-02-27T05:49:47","slug":"ai-and-other-tech-advances-are-fuelling-scams-and-fraud-central-bank-warns","status":"publish","type":"post","link":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/2026\/02\/27\/ai-and-other-tech-advances-are-fuelling-scams-and-fraud-central-bank-warns\/","title":{"rendered":"AI and other tech advances are fuelling scams and fraud, Central Bank warns"},"content":{"rendered":"
<\/div>\n

Scale, speed and realism of attacks increasing with wider availability of generative AI<\/p>\n

\n

The widespread availability of generative AI is increasing \u201cthe scale, speed and realism of attacks\u201d, it said.<\/p>\n

New technology, which is often cheap and widely available, combined with the shift to digital financial products, is making it easier for criminals to conduct illicit activity and perpetrate fraud, according to the Central Bank\u2019s Regulatory & Supervisory Outlook.<\/p>\n

By early last year, AI\u2011supported phishing reportedly made up more than 80pc of such activity globally, even though that technology was still relatively new, it said.<\/p>\n

AI is not necessarily bad and can also assist in the fight against financial crime, the report said.<\/p>\n

But the downsides are significant, it added.<\/p>\n

\n

Protecting the integrity of the financial system and consumers from financial crime needs to be a priority<\/p>\n<\/blockquote>\n

The wider report sets out the bank\u2019s assessment of the plethora of risks facing the financial sector, as well as its own planned responses, ranging from IT resilience and outsourcing to potential economic shocks and fracturing global business ties.<\/p>\n

In relation to scams and frauds, the regulator said its response will include a programme to assess fraud controls at regulated firms, such as banks and payment providers, and their incident responses and treatment of customers.<\/p>\n

\u201cProtecting the integrity of the financial system and consumers from financial crime needs to be a priority for all firms and agencies,\u201d the report said.<\/p>\n

Action to push social media platforms to remove scam ads and publicise threats is also cited as a priority.<\/p>\n

The Central Bank has \u201ctrusted flagger\u201d status under the EU\u2019s Digital Services Act, which means online platforms have to prioritise complaints it raises over suspect material. <\/p>\n

\n

Specific products enabled by this new technology, such as crypto, elevate fraud and financial crime risks<\/p>\n<\/blockquote>\n

However, the report indicated that the threat from scams and fraud is worsening, hand in hand with technological developments and adoption.<\/p>\n

\u201cSpecific products enabled by this new technology, such as crypto[currency], elevate fraud and financial crime risks, and could, over time, increase financial stability risks as they become a more material and integral part of the financial system,\u201d the report said.<\/p>\n

Advanced AI tools offer potential to improve productivity, investment performance and risk management for financial firms. However, the risks of bias, misinformation, data loss and lack of transparency create vulnerabilities and require vigilance, it said.<\/p>\n

\u201cAdvancing digitalisation and changing consumer expectations are reshaping the nature, form and delivery of financial products, creating both opportunities and challenges.<\/p>\n

\u201cMany of the more recent technological innovations, such as tokenisation and stablecoins, have the potential to reshape finance for the better through operational efficiencies and improved financial offerings.<\/p>\n

\u201cBut they also entail risks that need to be managed and raise environmental concerns,\u201d it said.<\/p>\n<\/div>\n

<\/a><\/strong> <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

… attacks\u00e2\u0080\u009d, it said. New technology<\/span>, which is often cheap and … globally, even though that technology<\/span> was still relatively new, … products enabled by this new technology<\/span>, such as crypto, elevate … products enabled by this new technology<\/span>, such as crypto[currency], …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-104082","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/104082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/comments?post=104082"}],"version-history":[{"count":0,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/104082\/revisions"}],"wp:attachment":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/media?parent=104082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/categories?post=104082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/tags?post=104082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}