In the latest episode of Good Question, we explore how new tools like Fraud GPT, a dark AI tool designed specifically for malicious activities, are changing the landscape of financial crime. We talk about how Inscribe is developing innovative solutions to counter these threats. The conversation covers a wide range of topics, including the challenges of evolving AI technology, ethical considerations in AI development, and the importance of human oversight. Inscribe’s mission is to build solutions that blend the computational power of AI with the human insight that is crucial for nuanced decision-making. This isn't just about automating fraud detection—it's about elevating the capabilities of fraud teams to keep up with an increasingly complex landscape.Whether you're a fraud fighter, a product lead, or just interested in the future of AI, this episode is packed with valuable insights into the present and future of AI in fraud detection. AI is not here to replace human fraud fighters but to empower them. While tools like FraudGPT pose new challenges, they also highlight the importance of staying ahead of the curve with AI-powered solutions.
Interesting moments:
04:46 — “We talk about the three V’s of AI: volume, velocity, and variety. AI lets you generate more data than you ever could before, faster, and in different formats—text, image, video—and that’s how fraudsters are using these tools.”
06:44 — “AI can help analyze vast amounts of data much quicker, identify patterns and anomalies that may indicate fraud, and adapt to new fraudulent tactics more swiftly than current manual systems.”
10:03 — "Fraudsters are organizations. They have operations and processes themselves. In the same way you can use AI to streamline operations in a standard corporation, fraudsters can be looking to reduce their time to produce content or get the outcome they want.”
34:10 — “The AI fraud analyst is here to empower human analysts, not replace them. By automating repetitive tasks, AI allows humans to focus on more complex and high-value work, like strategic decision-making and managing nuanced investigations.”
35:01 — “By combining the computational power of AI with the contextual understanding of human analysts, organizations can create a really powerful and efficient fraud detection capability.”
P.S. Need a little levity in your day? Listen to the end of the podcast to hear each episode’s bloopers!
Sources cited
FraudGPT: The Villain Avatar of ChatGPT: https://netenrich.com/blog/fraudgpt-the-villain-avatar-of-chatgpt?ref=hackernoon.com
What is FraudGPT? : https://hackernoon.com/what-is-fraudgpt
FraudGPT and other malicious AIs are the new frontier of online threats. What can we do?: https://theconversation.com/fraudgpt-and-other-malicious-ais-are-the-new-frontier-of-online-threats-what-can-we-do-234820
FraudGPT and GenAI: How will fraudsters use AI next?: https://www.alloy.com/blog/fraudgpt-and-genai-how-will-fraudsters-use-ai-next
About the guests
Daragh McMeel, QFA, is the Risk Ops Lead at Inscribe AI. He is a Qualified Financial Advisor (QFA), as well as a member of the Institute of Bankers in Ireland (IOB) and the Association of Certified Fraud Examiners (ACFE). Daragh developed a passion for fighting fraud after working in the verification and underwriting processes at multiple financial institutions including Humm, Ireland's leading BNPL provider.
Aidan Davies is a Product Manager at Inscribe AI where he leads product for AI Agents at Inscribe. Aidan previously served in economic analyst roles for the finance ministry, as well as product strategy and consulting at Accenture.
Brianna Valleskey is the head of marketing at Inscribe AI. While her career started in journalism, she has spent more than a decade working on SaaS revenue teams. She is passionate about enabling fraud fighters and risk leaders to unlock the enormous potential of AI.
