Digital finance affords financial institutions and their customers an enhanced experience, the ability to interact and conduct financial transactions across channels, and the real-time delivery of hyper-personalized new products. Yet the increasingly sophisticated exploitation of security vulnerabilities and gaps to commit fraud using generative artificial intelligence (GenAI) is set to unleash a tidal wave of fraud. The panel discusses the urgency for banks and financial institutions to develop a multi-layered security strategy to detect and prevent the rapidly accelerating rise of GenAI-powered fraud across channels—much of it occurring through extremely capable, global criminal and nation-state-run enterprises.
