The accessibility of generative AI tools has lowered the barriers for would-be criminals, while the transition to hybrid work models and geographically dispersed teams has expanded the attack surfaces they can exploit. In this context, the overlap of AI technology and the interests of financial leaders becomes increasingly significant. Numerous financially motivated cybercrimes hinge on the manipulation of accounts payable (AP) staff and the evasion of traditional financial safeguards.
As generative AI technologies advance, the art of deception within these crimes is poised to become more sophisticated than ever before. Businesses could soon face a host of new challenges as generative AI models can be used to make financial crime more efficient for criminals.In the realm of business transactions, generative AI fuels a new era of payment fraud, employing advanced methods in crafting deceptive content, exploiting vulnerabilities, and deceiving individuals within payment system