Generative Artificial Intelligence (Gen AI) is a game-changer, no doubt. It is making waves across industries, offering a new world of possibilities. A recent global study on The Future of Enterprise Data and AI by WNS Triange and Corinium Intelligence reveals that 76 percent of organizations are planning or are currently involved in Gen AI projects. However, as we explore this brave new landscape, we can't ignore that this powerful tool, while incredibly promising, comes with its own set of challenges.
This article aims to guide stakeholders in navigating the challenges and uncovering the measures necessary to protect their organizations while embracing the transformative innovation Gen AI offers.
The Impact of Generative AI Misuse
Our collaborative study shows that 47 percent of respondents have security and privacy concerns associated with Gen AI. Notably, 66 percent are concerned about the risks associated with AI model poisoning or adversarial attacks.
Take the insurance sector, for instance. Picture a scenario where scammers use image generators to create realistic images of damaged vehicles. We are talking about images with accurate colors, license plates and all the nitty-gritty policy details. These fabricated images could be used to support fraudulent insurance claims during the First Notification of Loss (FNOL) process.
Let us shift gears to the banking world. Gen AI can be misused to create deceptive documents, raising concerns about identity theft and fraudulent account creation. Imagine fraudsters employing AI-generated photos to impersonate customers, opening accounts or applying for loans under false identities.
Online marketplaces are also vulnerable to potential misuse of Gen AI. Fraudsters could use Gen AI to whip up counterfeit product images that look so real that even the platforms can't tell the difference. Customers end up with knockoff items, leading to disputes, refunds and a dented platform reputation.
Even in the field of recruitment, fraudsters have found ways to exploit Applicant Tracking Systems (ATS) by automatically generating resumes and cover letters that align with job descriptions, even if they lack practical experience in the respective field.
Gen AI misuse can have severe consequences for organizations, extending beyond financial losses. Think fraudulent claims, unauthorized transactions and the costs to resolve all the mess. Plus, anti-fraud measures can slow things down, impacting customer experience with delays, extra verifications and scrutiny. The organization's reputation and market share are also at stake, with incidents of fraud potentially damaging trust among customers, investors and the public.
Empowering Gen AI in the Fight Against Fraud
According to Gartner1 , 34 percent of organizations are already deploying or in the process of implementing AI-based application security tools to mitigate Gen AI risks. Businesses can strengthen the security posture by embedding key processes, some of which include the following:
Advanced Document Verification
Businesses must leverage advanced document verification procedures capable of scrutinizing AI-generated documents. These procedures should encompass intricate pattern recognition, in-depth metadata analysis and a range of sophisticated techniques.
Training AI / ML for Defense
Machine Learning (ML) models can be adeptly trained to discern the distinctive characteristics of fraudulent AI-generated content. Gen AI is often fraught with specific vulnerabilities that an adversarial model can efficiently and effectively identify.
Contextual Analytics
Contextual analytics can help gauge the integrity of documents, images or data by scrutinizing their alignment with other available information or historical records. In practical applications like e-commerce, cross-referencing product images with supplier records proves instrumental in detecting counterfeit items.
Adopting a Collaborative Approach to Navigate Generative AI Challenges
Our comprehensive global study, The Future of Enterprise Data & AI, underscores that 65 percent of companies prioritize technology partnerships when it comes to AI investments. Notably, 28 percent are actively collaborating with third-party service providers.
Forward-thinking organizations are embracing a collaborative approach to combat AI-related fraud. They are teaming up with specialists with domain expertise and a deep understanding of Gen AI, allowing for the co-creation of tailored solutions meticulously crafted for specific use cases. It's all about building a robust security posture, and that's best achieved with experts with a wealth of insights and best practices from a diverse range of clients.
As Gen AI keeps evolving, we need to keep learning and adapting. By embracing Gen AI strategically, organizations can not only protect themselves against AI-enabled fraud but also stay ahead in the game, edging out those who might misuse these technologies.
For a deeper dive into the world of Generative AI, click here.
References:
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Gartner
About WNS Triange:
WNS Triange powers business growth and innovation for 200+ global companies with Artificial Intelligence (AI), Analytics, Data and Research. Driven by a specialized team of over 6000 analysts, data scientists and domain experts, WNS Triange helps translate data into actionable insights for impactful decision-making. Built on the pillars of consulting (Triange Consult), future-ready platforms (Triange Nxt), and domain and technology (Triange CoE), WNS Triange seamlessly blends strategy, industry-specific nuances, AI and Machine Learning (ML) operations, and intelligent cloud platforms.
Driving a futuristic edge are WNS Triange’s modular cloud-based platforms and solutions leveraging advanced AI and ML to provide end-to-end integration and processing of data to actionable insights. WNS Triange leverages the combined strength of WNS’ domain expertise, co-creation labs, strategic partnerships and outcome-based engagement models.