AIBusinessCybersecurity

AI-Powered Fraud Surges in UK as Scammers Adopt Advanced Technology

Criminal use of artificial intelligence is driving a sharp increase in UK fraud cases, with investment scams and romance fraud hitting record levels. Banks are fighting back with their own AI systems, preventing £870 million in unauthorized fraud during the same period.

Record Fraud Levels Linked to AI Adoption

Criminals are reportedly using artificial intelligence to dramatically increase their targeting of UK victims, with fraud cases surpassing 2 million in the first half of this year according to banking industry statistics. Sources indicate this represents a 17 percent increase compared to the same period last year, with total losses to fraudsters exceeding £629 million.

CloudInfrastructure

Financial Sector Faces Billions in Losses After AWS Outage, Spurring Multi-Cloud Adoption

A widespread Amazon Web Services outage has reportedly caused massive disruptions across financial markets, trading platforms, and banking services globally. Industry analysts suggest the incident could result in hundreds of billions in losses and is accelerating adoption of multi-cloud solutions to mitigate concentration risk.

Massive Cloud Outage Disrupts Global Financial Services

A significant outage at Amazon Web Services on Monday reverberated throughout the global financial system, reportedly causing service disruptions across trading platforms, banking applications, and payment processors. According to reports, the outage primarily affected AWS’s US-EAST-1 region in northern Virginia, creating connectivity issues and elevated error rates for thousands of companies worldwide.