Nacha’s Payments Innovation Alliance, a membership program that brings together diverse global stakeholders seeking to transform the payments industry, has published new materials aimed at raising awareness of AI-based scams, including a new report, Payments and Artificial Intelligence: Protecting Yourself Against AI-based Scams, focusing on protecting consumers from AI-based scams and what to do if you are approached or victimized by an AI-based fraud scheme, as well as a Did You Know? Fact Sheet that addresses the unique capabilities and challenges presented by generative and predictive AI technology.
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Nacha’s Payments Innovation Alliance released a new report on how to protect against AI-based scams (Graphic: Nacha)
Fraudsters are increasingly using deepfakes, voice cloning and other hyperrealistic AI content to scam consumers and financial institutions. Criminals are approaching the public via phone, email, text and social media seeking money and access to financial accounts in ways that can initially seem legitimate. The theme of Cybersecurity Awareness Month 2024 is “Secure Our World,” to remind the public of simple ways to protect yourself, your family, and your workplace from online threats.
“AI technology makes it easier than ever to complete personal and business tasks, but there is a dark side,” said Jennifer West, AAP, APRP, Senior Director, Payments Innovation Alliance, Education & Accreditation, Nacha. “It’s also easier than ever for criminals to impersonate government agencies, financial institutions and even loved ones claiming to need immediate assistance. That’s why the Alliance decided to create tools that educate the public about AI and give tips for securing accounts and data before you’re approached by a scammer, along with providing samples of some of the most common scams and the actions to take if a scammer approaches you or realize you are a victim of fraud. Because fraudsters are experts at knowing how to manipulate people into taking immediate action, familiarizing yourself with the most common fraudulent activity and the way they are often messaged can help you better protect yourself and others.”
The Payments Innovation Alliance’s Cybersecurity & Payments AI Project Team develops tools and resources to help organizations understand evolving threats related to AI and potential cyberattacks and learn about the impact of artificial intelligence on the world of payments. To download the materials or to learn more about initiatives, visit https://www.nacha.org/cybersecurity-response-project-team. Organizations interested in joining the Alliance should visit http://www.nacha.org/content/alliance-membership-features.
About Nacha
Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 31.5 billion ACH Network payments made in 2023, valued at $80.1 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
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