US Scam Epidemic: Experts Warn of Growing Threat from AI-Enabled Financial Crimes

The United States is facing an unprecedented surge in financial scams, affecting over 15 million Americans and causing losses of at least $68 billion last year. The true toll may be as high as $200 billion due to underreporting.

JPMorganChase estimates that the number of scams will continue to rise due to emerging technologies like artificial intelligence (AI) and deepfakes, which make it increasingly difficult for people to detect and prevent scams.

The bank's Stop Scam Alliance and Gallup Report found that about 12% of scams leveraged AI or a deepfake. To combat this issue, JPMorganChase is investing in fraud prevention technologies and strategies, safeguarding customers from losing nearly $25 billion in scam attempts last year.