Finance
How prepared are Nigerian banks to fight AI-powered fraudsters as U.S. banks lost $12.5bn
Internet crime cost Americans $12.5 billion in 2023. According to a report published Wednesday by the Treasury Department U.S. banks are struggling to keep up with evolving artificial-intelligence technology that has enabled fraudsters to easily impersonate customers and spread malware using AI-generated text.
“The financial services sector is increasingly subject to costly cybersecurity threats and cyber-enabled frauds,” according to the report, which was compiled based on 42 in-depth interviews with bank executives in late 2023. The question industry players in Nigeria are asking is how prepared are Nigeria banks to contend with cyber criminals backed by AI?
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