CFOs may not be able to believe their eyes
CFO Brew, September 4, 2025
As much as finance professionals and tech evangelists love to tout the power of generative AI to positively change the workplace, there’s a downside that doesn’t get talked about as much: AI is supercharging technology-enabled fraud that is costing organizations trillions.
It’s a problem taking many forms. Fraudsters are creating deepfake videos impersonating CEOs to fool employees and grab millions. Malignant foreign actors are using AI to get hired for remote jobs with US tech companies, giving them access to sensitive company processes and data. Business email compromise, already a significant problem for finance departments, is accelerating with the use of AI.
Companies are feeling the impact of the fraud increase in very expensive ways. A March study by TrustPair found “a 118% year over year increase in advanced generative AI tactics like deepfakes and deepaudio,” according to CFO.com. A 2024 Deloitte study predicted that “GenAI could drive a substantial increase in fraud losses in the United States: from some $12 billion in 2023 to $40 billion by 2027.”
The call is coming from inside the house. With AI, scammers are likely to uncover and exploit even more holes within organizations. Jim Wetekamp, CEO of Riskonnect, has seen even more devious tactics to get inside companies, including job applicants created with deepfake impersonations. With AI, that task is simpler for scammers, according to Wetekamp.
“They can code faster than they’ve ever coded,” Wetekamp said. “They can adapt faster than they’ve ever been able to adapt. They can exploit and find cracks in the infrastructure faster than they’ve ever been able to.”
The defense will catch up, but according to Wetekamp, that’s going to take a minute.
Read the full article in CFO Brew.
