Artificial Intelligence & Machine Learning
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Next-Generation Technologies & Secure Development
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Video
Joël Winteregg of Vyntra on How AI Is Industrializing Fraud at Unprecedented Scale
Generative artificial intelligence has handed a powerful new toolkit to fraudsters, creating a “paradise” for them, said Joël Winteregg, CEO of Vyntra, a fraud detection and prevention platform. Just as Interpol coordinates across borders to dismantle criminal networks, Winteregg said banks must shed their competitive instincts and operate as a unified intelligence network, because the fraud operations targeting them already do.
See Also: Defending Identity in the Age of AI Attacks
“Community scoring is like the Interpol of fraud prevention,” he said.
“The interaction, not just the AI models that are analyzing all the payment…
Cyber fraud uses technology as the primary weapon. It is highly scalable and can be conducted from anywhere in the world.
- Phishing/Smishing/Vishing: Using deceptive emails (phishing), text messages (smishing), or phone calls (vishing) to trick victims into clicking malicious links or revealing sensitive data.
- Business Email Compromise (BEC): A high-value scam where a criminal impersonates a CEO or high-level executive via a “spoofed” email address to trick a staff member into making an urgent, unauthorized wire transfer.