AI Will Heighten Cybersecurity Risks for RIAs

While scams like email impersonation and phishing are nothing new, generative AI has supercharged the risks by introducing new threats, including deepfakes and malicious chatbots.

Imagine receiving a phone call from someone you believe to be one of your clients. They are asking you to move some money around for them. It sounds like the client. And the voice on the other end is able to answer your simple questions quickly, clearly and accurately. But, before completing the transaction, there's one small detail you should probably know: The voice is artificial and run by scammer who has scraped the unsuspecting client's voice and personal details for their own purposes.

This sort of scenario is exactly what Lee W. McKnight, associate professor in the School of Information Studies at Syracuse University, said he sees becoming commonplace, especially in the wealth management industry, as fraud and scams are amplified and enhanced with technological advances coming from increasingly available artificial intelligence applications.  SOURCE