Insights

When controls exist but are not consistently upheld, fraud risk materialises. In this article, we unpack how documentation shortcuts, informal approvals and cultural norms undermine safeguards, and what organisations must do to make fraud inhospitable.

Artificial intelligence (“AI”) as a general-purpose technology, offers a wide range of opportunities across various fields. According to the IBM Global AI Adoption Index 2023, 42% of organisations surveyed have AI actively in use in their businesses and an additional 40% are currently exploring or experimenting with AI but have not deployed their models. Amid the promising capabilities of AI, organisations face a looming threat: the misuse of AI by fraudsters. The ease of access and availability of sophisticated AI models on an open-source basis exacerbates this threat.