Convera: How Businesses Can Protect Against Rising AI Scams

AI-driven fraud presents a major challenge for financial institutions, with scammers using increasingly sophisticated tools to impersonate individuals and manipulate financial transactions. 

As artificial intelligence becomes more accessible, fraud prevention strategies must evolve rapidly.

Bridget Anne Pruzin, who leads Convera’s anti-money laundering and fraud investigation teams, offers insights into the latest fraud tactics and how businesses can safeguard themselves. 

She highlights the growing danger of AI-powered scams, the risks posed by voice cloning and the steps financial institutions must take to strengthen their defences.

AI scams are more sophisticated than ever

“AI-powered scams already cost consumers hundreds of millions this past year,” says Bridget. “In 2025, we will likely see even more sophisticated scammers, making fraud prevention even more critical for businesses.”

AI-generated fraud has escalated at an alarming rate. The American Bankers Association reports that AI-driven audio and visual cloning incidents rose by 118% in 2024. 

This surge is fuelled by increasingly affordable and accessible technology, enabling fraudsters to conduct scams on a much larger scale.

Bridget warns that financial institutions must recognise how these tactics are evolving. “This is increasingly important as reimbursement schemes become more sophisticated with the use of AI technology,” she explains. 

“This not only increases potential fraud liability for financial institutions but also comes with the risk of refund fraud schemes.”

To mitigate these threats, businesses must train employees to recognise the warning signs. 

“Any individual or employee handling sensitive financial information or with authorisation to send payments should be able to spot the signs of fraud,” Bridget says.

Key indicators include urgent requests for payments or personal information, unusual language and unnatural audio or visual elements. Bridget advises employees to trust their instincts: “Be suspicious of urgent demands, requests for money or personal information, odd language, unnatural visual or audio elements, and trust your gut when something feels wrong.”

Voice cloning makes impersonation effortless

One of the most alarming developments in AI fraud is voice cloning. 

According to Bridget, fraudsters can now replicate a person’s voice using just ten minutes of recorded speech. This poses a serious threat to individuals and businesses alike.

“Voice cloning is an issue for the CEO and junior employees alike,” she states. “A phone call, email, text or video can all be spoofed and give the appearance of being from someone within a company.”

With AI-generated audio and deepfake videos becoming more convincing, verifying identities is more important than ever. 

“This makes it more important than ever to verify the identity of the person calling or messaging – the more money or more sensitive information that is sent, the higher level of verification that should be done,” says Bridget.

This problem affects a wide range of targets, from individuals to large multinational firms and small non-profits. 

Fraudsters are not limiting their attacks to big corporations; any organisation handling financial transactions is at risk.

Proactive fraud prevention at Convera

Convera takes a proactive stance against AI-driven fraud. Bridget’s teams constantly monitor international payments, tracking high-risk activity and identifying new fraud patterns.

“As the lead of the anti-money laundering and fraud investigation teams for Convera, my teams and I follow these changes to the fraud landscape closely,” she explains. 

“Convera's investigative teams are constantly reviewing international payments for high-risk activity and looking at new fraud schemes.”

The company’s strategy involves detecting fraudulent payments at the earliest stage possible. 

“We’re continually reviewing early indicators of fraud to try to stop fraudulent payments as early as possible – not just when a payment is sent, but even when a payment booking is first requested,” Bridget explains.

Convera’s global reach gives it a unique advantage in spotting emerging fraud trends. “We’re able to use our global presence to see common denominators of emerging fraud trends and share AI fraud trends with our customers, who may only see fraud attempts infrequently,” says Bridget.

Collaboration is key to staying ahead of these threats. “In the case of scams – knowledge is power. Sharing best practices and trends means that our partners and clients can protect themselves and their own customers.”

Governments and regulators are also stepping up efforts to hold financial institutions accountable. Bridget points to a December lawsuit by the Consumer Financial Protection Bureau against major banks, including Bank of America, Wells Fargo and JPMorgan Chase, for failing to protect consumers from fraud.

“As governments crack down on financial institutions for fraud losses, it’s imperative financial institutions invest in tools to help prevent losses before they occur.”

Looking ahead, Bridget stresses the need for ongoing education and investment in security measures. “AI has changed the way fraudsters can scam people,” she concludes.

“Businesses and consumers alike are being confronted with increasingly complex scams, requiring increasingly stronger controls. Financial institutions at every level should educate their employees and customers at every level to spot the signs of scams.

“Compliance experts and leaders must realise the financial burden of not acting on this emerging risk and invest now to ensure proper protection in the future.”

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