KUALA LUMPUR: Criminals are increasingly using artificial intelligence (AI) to automate fraud, identify vulnerabilities and amplify cyberattacks, making financial crime harder to detect, says Bank Negara Malaysia governor Abdul Rasheed Ghaffour.
Rasheed said about 95% of online fraud cases involved victims who were deceived into transferring funds. He said Interpol estimated that AI-enabled fraud was 4.5 times more profitable than traditional methods.
"With AI, it is easier for criminals to socially engineer and manipulate victims," he said.
"These developments put us in an ‘arms race’ against criminals. So, as they automate deception, we must automate detection."
