BaFin urges FIs to invest their strong earnings to bolster defences against AI-driven fraud, highlighting generative AI risks, advanced phishing threats, and the need for adaptive security measures

For example, through generative AI. More and more companies in the financial sector are using generative AI or testing its use. And of course, criminals are also using such technologies – to develop new attack methods or malicious code, for example. High quality phishing messages can be created quickly using AI, which makes it much more difficult to identify fraudulent messages…