A recent survey of professionals in finance, audit, and other key functions identified “new technology outpacing controls” as the main driver of fraud. The finding points to a critical moment for CFOs globally as sophisticated new deepfakes and other AI-led scams create profound new risks that are outstripping many finance teams’ ability to respond.
But diligent professionals can fight back, especially when supported with training, tools, and a strong anti-fraud culture. In one instance criminals impersonating the CEO of carmaker Ferrari requested a money transfer from another executive at the company, who foiled the scam by asking a question only the CEO could answer, after which the attacker abruptly ended the call.
Multiple factors have combined to create a more dangerous fraud environment. These include:
An increase in attack entry points – such as phones and other remote devices – plus additional software vulnerabilities as enterprise IT systems get more complex and connected
The democratisation of AI technology, which makes it easier for fraudsters to deploy deceptions quickly
New attack types, most notably those using AI for impersonation and falsification
The spread of shadow AI – the unsanctioned use of external tools by employees – which creates extra, low-visibility attack points
