The South African Banking Risk Information Centre SABRIC has issued a stark warning to all banking customers about a disturbing trend: the rise of artificial intelligence AI in criminal activities, with many individuals falling victim to scams that have cost them millions.
As technology becomes increasingly advanced, the line between legitimacy and deception is growing ever thinner, leaving consumers vulnerable to manipulation, reports Cape town Etc .
SABRIC has reported that criminals are now utilising AI to masquerade as banks, financial officials, and legitimate institutions across a range of digital platforms.
This is making it increasingly difficult for consumers to distinguish between legitimate and fraudulent communications, the centre stated in its advisory.
Collaboration is key as SABRIC works alongside banks, law enforcement agencies, and regulatory bodies to combat fraud and educate the public about emerging threats.