|
 |
|
|
|
|
|
| Giving Credit Unions tools to fight the Latest Scams |
|
Credit unions, consumers, and law enforcement agree: scams are becoming more sophisticated with the rise of artificial intelligence (AI) and new technologies. America’s Credit Unions Blog examines deepfake scams, what credit unions can learn, and what resources are currently available as they look to stay one step ahead.
Michigan State University Federal Credit Union began using AI-powered call-screening technology in 2024, ultimately identifying $2.57 million in fraud exposure from AI-powered deepfake calls in a single year.
This isn’t a unique experience for a financial institution, as deepfake-enabled fraud caused more than $200 million in losses around the world in the first quarter of 2025 alone. Fraud cases involving AI-generated deepfakes have risen by more than 2,000% over three years.
The blog also notes:
• AI tools are being used to bolster already-existing scams, like phishing, spam calls, and even fake documents. These make the fakes harder to spot, resulting in an alert from the Financial Crimes Enforcement Network; and
• Technology, combined with additional layers of security, staff training, and member education, can help train staff to spot deepfake-enabled scams.
The blog also notes existing America’s Credit Unions member resources, including its Cybersecurity eSchool, the Fraud and Security Virtual Conference, and the Cybersecurity Conference.
Copyright © 2024-2026 America's Credit Unions. (link) |
|
|
|
|
|
|
