Artificial Intelligence Based Cyber Crimes
AI-based cyber crimes are crimes that are committed using artificial intelligence or machine learning techniques. These crimes can be perpetrated using AI-powered tools, such as bots and intelligent malware, which can adapt and evolve in response to changing environments and defensive measures. Here are some examples of AI-based cyber crimes:
- Automated phishing attacks: AI-powered bots can be used to generate and send phishing emails to potential victims, increasing the scale and speed of such attacks.
- Social engineering: AI can be used to analyze social media profiles and other online data to create targeted and personalized messages to deceive and manipulate individuals.
- Fraudulent activities: AI-powered tools can be used to create and manage fake online accounts, carry out identity theft, and perpetrate financial fraud.
- Cyber espionage: AI can be used to analyze large volumes of data to identify potential targets, carry out reconnaissance activities, and launch advanced persistent threats (APTs).
- Malware and ransomware attacks: AI-powered malware can be used to evade detection and adapt to changing security measures, while AI-based ransomware can use machine learning to identify vulnerable systems and automatically launch attacks.
Banking-related fraud using AI refers to the use of artificial intelligence or machine learning techniques to perpetrate fraud in the banking and financial sector. AI-powered tools can be used to carry out fraudulent activities, such as identity theft, account takeover, money laundering, and payment fraud. Here are some examples of how AI can be used for banking-related fraud:
- Account takeover fraud: AI can be used to analyze social media profiles, browsing history, and other online data to create targeted and personalized messages to deceive and manipulate individuals into disclosing their login credentials. Once the credentials are obtained, the fraudsters can use AI-powered bots to take over the victim's account and conduct fraudulent transactions.
- Payment fraud: AI-powered bots can be used to create and manage fake online accounts, and make fraudulent transactions using stolen credit card information or other payment methods. AI can also be used to identify vulnerable payment systems and exploit them for fraudulent activities.
- Money laundering: AI can be used to analyze large volumes of financial data to identify and exploit vulnerabilities in anti-money laundering systems. For example, fraudsters can use AI-powered bots to generate large volumes of transactions that appear to be legitimate, but are actually designed to launder money.
- Synthetic identity theft: AI can be used to create synthetic identities that appear to be real, but are actually fraudulent. These identities can be used to open bank accounts, apply for credit, and conduct other fraudulent activities.
As AI-based cybercrimes become more sophisticated, it is important for law enforcement and security professionals to also use AI to detect and prevent such crimes. This requires the development of AI-based security solutions that can detect and respond to AI-based attacks in real-time.
However, the use of AI in cybersecurity also raises important ethical and legal issues, such as the need for transparency, accountability, and oversight in the use of AI-powered security tools.
Keywords: AI Based Cyber Crimes, AI based Banking Fraud/Banking related Fraud using AI