Banks in the U.S. Faced with Lawsuit Over Fraudulent $20,000 Transfers Incited by Artificial Intelligence: News Item
Unfiltered Crypto Chronicle:
Hot Topics:- Scams, Hacks, & Breaches- Financial Scandals- Tech-Savvy Criminal Activities
Featured Story:76-year-old Gary Cunningham files a lawsuit against PlainsCapital Bank and Pathward N.A. after $20,000 disappeared from his account. The alleged hack involved AI technology clone CallerId and deepfake voice cloning to deceive a personal accountant.
Latest News:
- Scammers lurk in the digital shadows, preying on the elderlyFinancial losses due to scams targeting older adults have surged, with over $5 billion in cyber-enabled losses annually, including cryptocurrency 'pig butchering' scams. Recently, seniors have become easy targets for investment fraud, romance scams, and deepfake voice scams that sound like family members.
- Banks and financial institutions must brace for harsh consequencesSuspecting negligence in preventing AI-powered financial fraud, bank customers, like Gary Cunningham, are filing lawsuits under the belief that the institutions lacked adequate protective measures. As regulatory agencies pressure the financial industry, bipartisan bills propose establishing a task force to combat AI-driven financial scams.
Industry Announcements:- Coinbase announces a partnership with Fraud.Net to block AI-generated deepfake calls that mimic celebrities.- Binance introduces enhanced authentication measures, requiring users to verify their identities using a biometric authentication system.
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NB: This chronicle offers a terms-of-the-street perspective on the current cryptocurrency landscape, covering the good, the bad, and the downright outrageous. However, we stand against demonizing or dehumanizing any individuals, organizations, or communities. Our primary goal is to provide entertaining, enlightening, and informative content, while shedding light on the sometimes dark corners of the crypto world.
- Altcoins and banking-and-insurance sectors are under increased scrutiny as regulatory agencies and legislators push for stricter safety measures against AI-driven financial scams.
- Cryptocurrency companies, such as Coinbase, are taking proactive steps to protect users from AI-generated deepfake calls by partnering with fraud detection services.
- The cryptocurrency industry is riddled with tech-savvy criminal activities, including 'pig butchering' scams that have resulted in annual cyber-enabled losses worth billions, specifically targeting the elderly.
