FraudGPT, how do we adapt?

In the latest episode of Good Question, we explore how new tools like Fraud GPT, a dark AI tool designed specifically for malicious activities, are changing the landscape of financial crime. 

We talk with our Risk Ops Lead (and resident fraud-fighter-in-chief) Daragh McMeel and AI Agents Product Manager Aidan Davies about how Inscribe is developing innovative solutions to counter these threats. The conversation covers a wide range of topics, including the challenges of evolving AI technology, ethical considerations in AI development, and the importance of human oversight. 

Inscribe’s mission is to build solutions that blend the computational power of AI with the human insight that is crucial for nuanced decision-making. This isn't just about automating fraud detection—it's about elevating the capabilities of fraud teams to keep up with an increasingly complex landscape.

Whether you're a fraud fighter, a product lead, or just interested in the future of AI, this episode is packed with valuable insights into the present and future of AI in fraud detection.

Interesting moments:

• 04:46 — “We talk about the three V’s of AI: volume, velocity, and variety. AI lets you generate more data than you ever could before, faster, and in different formats—text, image, video—and that’s how fraudsters are using these tools.”
• 06:44 — “AI can help analyze vast amounts of data much quicker, identify patterns and anomalies that may indicate fraud, and adapt to new fraudulent tactics more swiftly than current manual systems.”
• 10:03 — "Fraudsters are organizations. They have operations and processes themselves. In the same way you can use AI to streamline operations in a standard corporation, fraudsters can be looking to reduce their time to produce content or get the outcome they want.”
• 34:10 — “The AI fraud analyst is here to empower human analysts, not replace them. By automating repetitive tasks, AI allows humans to focus on more complex and high-value work, like strategic decision-making and managing nuanced investigations.”
• 35:01 — “By combining the computational power of AI with the contextual understanding of human analysts, organizations can create a really powerful and efficient fraud detection capability.”

As this episode comes to a close, it ends with a hopeful message: AI is not here to replace human fraud fighters but to empower them. While tools like Fraud GPT pose new challenges, they also highlight the importance of staying ahead of the curve with AI-powered solutions. Inscribe's AI agents, such as the AI Fraud Analyst, are designed to not only detect fraud faster and more efficiently but also to free up human analysts for more strategic, high-value tasks.

The conversation also underscores a central theme: technology itself is neutral. What matters is how we choose to use it. As Aidan put it, “Fraudsters are getting more organized, but we’re just as determined to use AI for good.”

P.S. Need a little levity in your day? Listen to the end of the podcast to hear each episode’s bloopers!

Sources cited: 

• FraudGPT: The Villain Avatar of ChatGPT
• What is FraudGPT? 
• FraudGPT and other malicious AIs are the new frontier of online threats. What can we do?
• FraudGPT and GenAI: How will fraudsters use AI next?