Criminals are using social media, artificial intelligence (AI) and deep fake technology to target consumers, a fraud prevention body suggests. Last year, according to the Fraudscape report conducted by Cifas, over 374,000 fraud cases were reported to the Cifas National Fraud Database (NFD) and they said that members prevented £1.8 billion worth of fraud losses. “The amount of fraud committed in the UK more than doubled to £2.3bn in 2023, marking the second-biggest year for scams in the last two decades,” said Erin Nicholson, global head of data protection and privacy at Thoughtworks. “Ever since Big Tech, fintechs and other incumbents have shifted towards a more digital and data-driven approach to customer experience, the payments space has emerged as one of the most vulnerable to fraudsters. “Analysis of this data shows not only a growth in fraud rates, but the amounts involved are getting bigger too. With rising access to AI-powered tools, the sad reality is that fraudsters are becoming increasingly advanced to stay one step ahead of those trying to catch them. Fraudsters can generate much more convincing content using generative AI, avoiding the previous tell-tale signs of bad spelling or grammar.” But with personal bank accounts being a...