The Rising Threat: Is Your Cybersecurity & AML Framework Ready For AI-Driven Financial Crime?

A Kenyan journalist, Japhet Ndubi, in July 2024 lost his phone and was unable to locate it. He got a new phone, replaced his SIM card, and continued with his life. However, four days later during his lunch break, he received a message notifying him that money had been sent from his account to an unknown number. The fraudsters even managed to take out a loan in his name, which took him several months to repay. Although his phone was eventually recovered, no arrests were made. Ndubi had fallen victim to biometric fraud, a form of cybercrime where criminals replicate a person's unique biological traits, such as their voice or fingerprints, using artificial intelligence to impersonate them and gain access to their personal devices or financial information.