In 2023, there were over three thousand publicly reported data compromises that impacted over 350 million individuals in the U.S. Fraud fighters must continually adapt to evolving technology. The rise of generative AI is one of the most important technological advancements with implications for both fraudsters and fraud fighters. Mitigating organizational risk entails evaluating vulnerabilities throughout the user transaction journey. With an understanding of these risks, enterprises can devise strategies to harness generative AI in thwarting emerging fraud schemes.

This whitepaper explores how generative AI will affect the fraud ecosystem and how they can take advantage of this new tool to prepare for that change. Here we explore and summarize key learnings such as:

• The evolution of payment fraud and AI
• How generative AI empowers fraudsters
• Ways generative AI can combat fraud and how to prepare for change