As new versions of ChatGPT are being followed with great enthusiasm, fraudsters are moving to FraudGPT 4.0 in lockstep with the popular GPT release. The emergence of FraudGPT 4.0 poses a severe threat to payments, leveraging advanced capabilities for deceit. What is it?
1. Voice Emulator: Mimics voices with unprecedented accuracy, facilitating social engineering attacks.
Example: Fraudsters replicate executive voices to initiate transactions. From Phishing to Vishing.
2. Video/Image Simulator: Generates realistic multimedia content to fabricate fake identities.
Example: FraudGPT 4.0 creates lifelike videos for bypassing video KYC.
3. SMS and Email Automation: Automates phishing attacks, sending convincing messages & maintaining engaging conversations with unsuspecting users.
Example: Mass messaging along with multi channel engagement using chat & voice bots to obtain sensitive information.
Financial institutions can leverage some preventive measures to outsmart the fraudsters:
· Agility and ability to evolve fraud prevention measures in “real-time”
· Leverage new-age AI/ML driven risk engines leveraging alternate data and ability to to recognize evolving patterns.
· Profile-based risk scoring rather than just transactional or master data based
FraudGPT 4.0 underscores the urgent need for robust security measures to safeguard the payments industry against rising fraud risks. Drona Pay is built for tomorrow to protect you today!
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