Health crises, armed conflicts, climate change. We are living in a period of near-permanent uncertainty that seems set to last. This shifting terrain is a blessing for fraudsters, chaos instigators, and people looking for loopholes.
Financial institutions are under increasingly numerous and sophisticated attacks with consequences such as deadweight losses and reputational damage, which threaten their survival. Society as a whole is also suffering (terrorism, organised crime, identity theft, etc.).
Governments and banks have credit scoring systems in place, but they have not evolved enough in the fight against fraud.
A large number of organisations turn to artificial intelligence (AI) to better defend themselves. But fraudsters use it too, and their patience and creativity are limitless.
Crime is changing
"Every attack undermines the entire ecosystem. Our financial institutions must put competition aside and share their knowledge of crime risks. And we need to support them by facilitating access to innovation, both technical (powerful AI algorithms) and usage (uniting around a common defence strategy)."