As AI makes it worse, fraud is a problem so big we must teach kids how to spot it in schools

tech.hindustantimes.com:

Have you or someone you know been a victim of fraud? If so, that's not unusual. The UK's Office for National Statistics (ONS) reported a rise of 25 per cent in the number of fraud offences in 2021 compared to 2020 in the UK. Representing over 40 per cent of all crimes against individuals, fraud is the most common crime in the UK.

If these statistics are not alarming enough, there is some evidence that AI is making it harder to detect scams.

People often blame fraud victims for being foolish or trusting enough to fall for a scam. But it's time to accept that it can happen to anyone. It's a problem so large we need to revise our concept of fraud as something that only happens to gullible or vulnerable people. The human brain can't keep up with all of the new technology-enabled types of fraud.

So we need a new approach that holds financial institutions and businesses responsible for identifying or facilitating fraud and that harnesses AI to spot suspicious transactions. It's not reasonable to expect consumers to know when they're being scammed if banks and social media platforms can't.

If you were asked who is the most likely to become a victim of fraud, what would be your answer? If you are like most people, you probably thought about older adults. Investment bankers, IT experts or young adults might not have come to mind.

This misconception about who is vulnerable or susceptible to fraud is one of the core problems surrounding the topic of fraud. For example, a 2010 survey by credit reporting company Experian examining identity fraud in the UK found that two age groups, 25-34 and 35-44, represented 54 per cent of the victims, while those over 65 represented only 4 per cent of the victims of that type of fraud.

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