Artificial Intelligence and Corporate Fraud: The New Face of Digital Threats

AI is bringing revolution to the business world, transforming the way organizations operate. From automating repetitive tasks and reducing costs to boosting efficiency, AI emerges as a key driver of digital evolution. According to estimates by Gartner, in October 2023, 55% of businesses globally were already in the pilot or production phase of using generative AI (GenAI)—a percentage that is believed to have increased even further today. AI significantly enhances customer experience, supports software development, and provides deeper insights for strategic decision-making. However, this progress isn’t only being utilized by businesses. “Cybercriminals are not lagging behind—they also adopt new technologies, strengthening their tactics and presenting new challenges for IT and security departments,” explains Phil Muncaster from global security software company ESET. To address this new threat landscape, a multi-layered approach based on people, processes, and technology is required. Only then can a business stay ahead of evolving threats while fully leveraging the benefits of artificial intelligence with security and responsibility. Recent threats involving AI and deepfakes include North Korean operatives impersonating freelance IT professionals, BEC fraud enhanced by deepfake audio and video clips, bypassing authentication services, document forgery, social media impersonation, password cracking, and more. The impact of AI-based fraud primarily translates into financial loss and reputational damage. In response, combating these threats requires a multi-layered approach focusing on people, processes, and technology. AI itself can be a powerful ally in this fight by detecting deepfakes, analyzing suspicious behavior patterns, and creating synthetic data for testing fraud detection models. As the battle between malicious and beneficial AI use enters a new, more demanding phase, businesses must review and evolve their cybersecurity and anti-fraud strategies. Adapting to the ever-changing threat landscape is no longer optional—it’s imperative. Failure to respond could erode customer trust, harm brand value, and derail critical digital transformation initiatives.