Internet crime cost American banks $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?
