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CrimeEvidence-backed problem
Victim loses £250k after scammers use AI video of 'well-known' celebrity
The PSNI described the scam as "sophisticated" and said the victim was encouraged to borrow money to continue investing.
BBC NewsCrime
Fraud & Scams · 12 stories · page 1 of 1
Both readings
An Introduction to Machine Learning Methods for Fraud Detection
Financial fraud represents a critical global challenge with substantial economic and social consequences. This comprehensive review synthesizes the current knowledge on machine learning approaches for financial fraud detection, examining their effectiveness across diverse fraud scenarios. We analyze various fraud types, including credit card fraud, financial statement fraud, insurance fraud, and money laundering, along with their specific detection challenges. The review outlines supervised, unsupervised, and hy…
Evidence-backed problem
AI-driven financial fraud: key risks and legal protections for financial institutions
Abstract Artificial intelligence (AI) has become integral to financial institutions operations. Implementing AI allowed significant improvement in service quality and enabled innovative customer solutions. At the same time, with all the advantages and positive aspects of using AI, it also creates additional risks, depending on who and for what it is used. In the hands of fraudsters, AI becomes a tool with which financial institutions and their clients are causing significant damage, and not only financial. At th…
Evidence-backed gain
Financial fraud detection through the application of machine learning techniques: a literature review
Financial fraud negatively impacts organizational administrative processes, particularly affecting owners and/or investors seeking to maximize their profits. Addressing this issue, this study presents a literature review on financial fraud detection through machine learning techniques. The PRISMA and Kitchenham methods were applied, and 104 articles published between 2012 and 2023 were examined. These articles were selected based on predefined inclusion and exclusion criteria and were obtained from databases suc…
Both readings
<b>NEURAL NETWORKS FOR REAL-TIME FINANCIAL FRAUD DETECTION</b>
The accelerating digitalization of financial services has transformed fraud into a systemic global threat, with annual losses estimated at $485.6 billion in 2023 alone — losses that conventional rule-based and statistical detection methods have proven structurally incapable of containing. This article presents a narrative literature review examining how neural network architectures are redefining real-time fraud detection in financial systems. The review covers the theoretical and epistemological foundations of…
Crime
Investment fraud in UK soared to more than £220m lost last year, trade body says
Increasingly elaborate investment scams involving gold, cryptocurrencies and wine have soared in the past year with more than £220m lost to the fraud, according to a report. UK banks reported almost 15,000 investment scams in 2025 as criminals use artificial intelligence to dupe people out of their money. About £221.5m was lost to scams in which people were persuaded to move their money to a fake investment or a fictitious fund, a rise of 40% from the year before, according to the report from UK Finance. This parti
Crime
AI scams drove UK reports of fraud to record 444,000 last year
Criminals are increasingly exploiting AI technology to take over people’s mobile, banking and online shopping accounts, the UK’s leading anti-fraud body has warned. Last year, a record number of scams were reported to the national fraud database, fuelled by AI, which allows for large-scale deception on “industrialised” levels, according to Cifas, the fraud prevention organisation. Its report showed 444,000 cases of fraud were reported by its members last year – a 6% increase on 2024. The tactics of criminals are sh
Crime
AI chatbot fraud: the ‘gift card’ subcription that may cost you dear
David Duggan* was so impressed with the ability of the Claude chatbot to answer medical questions and organise family life, that a $20-a-month (£15) subscription seemed like money well spent. But then his wife spotted two $200 payments on his credit card bill for gift cards to use the artificial intelligence tool. Duggan, who lives on the east coast of the US, had not bought them, and immediately realised something was wrong. “My wife asked me: ‘Hey, did you make these $200 purchases?’ It was $400 in total. And the
Crime
Tennessee grandmother jailed after AI facial recognition error links her to fraud
Angela Lipps spent nearly six months in jail after AI software linked her to a North Dakota bank fraud case
