Convera Warns of Sophisticated AI Scam Surge in 2025
The financial industry faces unprecedented challenges as artificial intelligence tools become increasingly accessible to fraudsters.
With voice cloning technologies and sophisticated impersonation schemes on the rise, businesses are scrambling to adapt their security protocols to match these evolving threats.
Fintech Magazine speaks exclusively with Bridget Anne Pruzin, who leads the anti-money laundering and fraud investigation teams at Convera, a global leader in commercial payments.
Bridget offers crucial insights into how businesses can protect themselves against these emerging threats.
AI Scams Surge with Alarming Sophistication
“AI-powered scams already cost consumers hundreds of millions this past year,” notes Bridget. “In 2025, we will likely see even more sophisticated scammers, making fraud prevention even more critical for businesses.”
The statistics are concerning. According to Bridget, the American Bankers Association reported that the use of AI to generate audio and visual cloning increased by 118% in 2024.
“Any individual or employee handling sensitive financial information or with authorisation to send payments should be able to spot the signs of fraud”
This risk continues to grow as the technology becomes both more affordable and accessible to illicit actors.
Bridget warns that businesses need heightened awareness of these evolved methods. “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.”
“Any individual or employee handling sensitive financial information or with authorisation to send payments should be able to spot the signs of fraud,” she says.
She advises vigilance against several red flags: “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: A Ten-Minute Threat
“Voice cloning is an issue for the CEO and junior employees alike”
One of the most concerning developments is in voice cloning technology. Bridget reveals that it now takes fraudsters just ten minutes of recording to successfully clone a voice, leaving millions vulnerable to impersonation scams.
“Voice cloning is an issue for the CEO and junior employees alike,” she warns. “A phone call, email, text, or video can all be spoofed and give the appearance of being from someone within a company,” Bridget explains.
“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.”
The implications extend beyond individual consumers. Bridget notes that “fraud schemes target a wide range of victims – from individuals to both large international corporations and smaller non-profits”.
Convera's Proactive Defence Strategy
At Convera, Bridget's teams are implementing forward-thinking approaches to combat these evolving threats.
“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 says.
“Convera's investigative teams are constantly reviewing international payments for high-risk activity and looking at new fraud schemes.
“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,” she shares.
"In the case of scams - knowledge is power"
The company's global presence provides a significant advantage in identifying emerging fraud patterns.
“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.
This collaborative approach extends to their wider network.
“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,” Bridget continues.
The regulatory landscape is also shifting in response to these threats.
Bridget references a significant development from December when the Consumer Financial Protection Bureau sued the operators of Zelle, Bank of America, Wells Fargo, and JPMorgan Chase, alleging that they did not protect consumers from widespread fraud.
As governments increase scrutiny on financial institutions regarding fraud losses, Bridget stresses the importance of preventative measures: “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.”
“Financial institutions at every level should educate their employees and customers at every level to spot the signs of scams"
Looking ahead, Bridget emphasises the need for comprehensive education and investment in protective 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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