AI could 'supercharge' financial fraud in Ireland

New campaign warns of growing threat from online and phone fraud

Rapid growth of AI technology has potential to supercharge financial fraud and social engineering, the Banking and Payments Federation Ireland has warned. Picture: Tim Goode/PA Wire

Rapid growth of AI technology has potential to supercharge financial fraud and social engineering, the Banking and Payments Federation Ireland has warned, as a new study showed three quarters  of Irish adults are being targeted with online or phone fraud at least monthly.

The BPFI found less than one third of consumers take basic online security steps.  Research by BPFI initiative FraudSmart found almost half of Irish adults (45%) say they are  targeted with more scam communications than the same time last year, with mobile phone texts and calls the main targets. The research from FraudSmart was revealed as a new campaign looks to highlight the dangers of ‘social engineering’ tactics, where victims are manipulated or groomed into divulging confidential information.