Fraud is on the rise. Blame AI
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A new report by TransUnion found that 1 in 6 US consumers lost money to digital fraud in the last year, with a median loss of $2,307, and generative AI is likely accelerating the scale and sophistication of these scams. Consumers can protect themselves by using strong passwords, two-factor authentication, and monitoring their credit reports.
Digital fraud is on the rise in the US, with 1 in 6 consumers losing money to scams in the last year. The median reported loss was $2,307. Generative AI has likely accelerated the scale and sophistication of these scams, making it easier for fraudsters to target consumers. Stolen credit card information and phishing scams are the leading methods of consumer fraud losses. Industries that focus on consumer interaction, such as online dating and gaming sites, saw the largest number of incidents. Gen Z consumers reported the highest amount of fraud, likely due to their frequent use of targeted platforms. To protect themselves, consumers can use strong passwords, two-factor authentication, and monitor their credit reports.
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