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.