Zenoo calls for collaboration to tackle AI fraud in banking

CAMBRIDGE, England, July 24, 2024 /PRNewswire/ -- UK technology company Zenoo warns the use of AI in banking fraud is just getting started – and collaboration with AI specialists is required to stem its flow.

Cambridge-based Zenoo - whose clients include London Stock Exchange, Experian, Transunion and NASA - supplies digital onboarding and protection from financial crime for businesses and has issued a warning to the banking community that the malevolent use of AI will only become more sophisticated and prevalent in the future.

Zenoo UK managing director George Taylor said: "It's an enormous concern how quickly and significantly AI is being innovated to assist in banking fraud. In particular, social engineering attacks to steal personal information, enable identity theft and unauthorised access to bank accounts, is becoming remarkably advanced."

Key areas of concern include Psychographic Profiling - where AI will analyse extensive data to create detailed psychographic profiles of individuals, tailoring social engineering attacks to exploit specific psychological traits – and Manipulative Interactions where the rising use of chatbots and virtual assistants in banking will be taken advantage of to engage in prolonged, convincing interactions with targets to extract sensitive information or induce them to perform actions that compromise their security.

Taylor is calling for banking to respond to the AI threat with AI too by collaborating with AI defence systems that can learn and adapt in real-time to detect and respond to emerging threats and machine learning models to identify and predict potential fraud based on evolving patterns and behaviours.

He adds: "The key word in combatting the AI threat is 'collaboration'. Here at Zenoo we partner with cutting edge providers of the latest AI deepfake detection solutions which can be easily integrated into existing or new customer on boarding flows to combat fraud. We must take advantage of those specialists who are analysing and responding to the AI threat on a daily basis".

Visit Zenoo to learn more or book a demo.

About Zenoo

Zenoo specialises in the remote onboarding of customers for international companies to help them improve their conversion rates, breaking down barriers and making it easier for their customers to open accounts online.
Visit partner.zenoo.com for further information. 

Media enquiries
Contact Bruce Ackland on +44 7884 076548 or email backland@wavelengthgroup.com