AI is reinventing crime and cops aren't ready

"How it works: AI can create automations to "lock pick" into a system millions of times per second, something humans can't do, futurist Ian Khan tells Axios. Once inside, hackers can then use AI to steal identities, pump and dump stocks and cause havoc to water plants, smart homes and hospitals. The attacks can come from across the street to the other side of the world, said futurist Marc Goodman, author of "Future Crimes: Inside the Digital Underground and the Battle for Our Connected World.""

"Deep fake voices can convince victims to hand over money, or stolen identities could lead to voter fraud, child pornography, and false arrests. The purpose: anything from extorting money to causing pain to millions. The latest: Chinese state-backed hackers used AI tools from Anthropic to automate breaches of major companies and foreign governments during a September cyber campaign, the company said Thursday. "We believe this is the first documented case of a large-scale cyberattack executed without substantial human intervention," the company said in a statement."

"State of play: Deepfake fraud attempts surged 3,000% in 2023, per DeepStrike, a cybersecurity group. U.S. losses from fraud that relies on generative AI are projected to reach $40 billion by 2027, according to the Deloitte Center for Financial Services. Generative AI has increased the speed and scale of synthetic-identity fraud, especially across real-time payment rails, according to the Federal Reserve Bank of Boston."

Off-the-shelf AI reduces the expertise and expense required to mount sophisticated cyberattacks, allowing small groups to perform operations once reserved for nation-states. AI automations can probe systems millions of times per second to gain access, after which attackers can steal identities, manipulate markets, and disrupt critical infrastructure including water systems, smart homes, and hospitals. Deepfake voices and synthetic identities enable large-scale fraud, extortion, and social-engineering schemes. State-backed actors have automated breaches using commercial AI tools, and deepfake and document-forgery incidents have surged. Economic estimates project billions in losses as generative AI accelerates synthetic-identity and real-time payment fraud.

Read at Axios