A recent survey conducted by Experian reveals that 60% of companies are encountering higher fraud losses compared to previous years, with a majority of these businesses identifying AI-generated phishing attacks as their primary concern in the realm of AI-enabled fraud. According to the report, 53% of businesses consider AI-generated phishing the most prevalent threat, followed by AI-assisted first-party fraud at 51%, and AI-generated document forgery at 45%. Automated bot attacks and deepfakes in voice or images also pose significant concerns, affecting 40% and 37% of the businesses, respectively.

The study highlights a growing awareness among end users about the risks associated with AI-related social engineering. Despite this awareness, users feel increasingly targeted by fraud, expressing heightened concern over AI-driven scams. The report notes that fraudsters are now more adept at mimicking the signals that people use to judge authenticity, exploiting emails, text messages, websites, and other forms of communication to appear credible and influence behavior.

The authenticity of digital interactions has become a pressing issue as AI continues to evolve. Consumers are becoming more aware of these threats, with 60% knowing about AI-generated fake images or videos used in scams. Over half of the respondents are aware of phishing messages generated by AI, while significant numbers have heard of deepfake voice impersonation and AI impersonation of people or companies. This environment underscores the urgent need for businesses to adapt their fraud prevention strategies to counter increasingly sophisticated AI-driven scams.