Online fraud: Consumers fear artificial intelligence

Consumers in Germany are concerned about fraud attempts on the Internet – especially in view of new methods using artificial intelligence (AI). Almost nine out of ten respondents (91 percent) in a survey by payment service provider Visa said they have already been the victim of an online fraud attempt. 83 percent believe that fraud attempts on the Internet have increased in the last twelve months. And almost everyone (94 percent) is concerned that the use of artificial intelligence will make them even more difficult to detect.

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17 percent of those surveyed have intentionally come into contact with deepfakes. This refers to realistic-looking photos, audio or video recordings that were created or modified by artificial intelligence. According to the survey, the number is significantly higher among those under 35 (27 percent). To this end, the opinion research institute Forsa conducted a representative survey of around 1,000 people aged 18 and over in Germany in May. Common scams are known and widespread. Common scams such as phishing, grandchildren’s tricks and shocking news are known to more than 90 percent of those surveyed. 80 percent have already received a fake message from a parcel or delivery service and 64 percent have received phishing messages in the name of a bank. 42 percent received fraudulent text messages that allegedly came from grandchildren, mothers or other relatives. 14 percent experienced such telephone calls.

Just like many people have already become the target of love scamming. Fraudsters try to build relationships using fake profiles on social media to get money. Nearly three out of five respondents (64 percent) are aware of this scam.

Consumers with confident assessments

Many consumers believe they can identify fraud. More than half (59 percent) say they find it easy to spot fraudulent websites or emails. However, many fear the use of AI in fraud. “Fraud attempts are increasingly focused on manipulating people through techniques such as phishing and social engineering,” says Tobias Czekalla, Visa’s head of Germany. Artificial intelligence is also an important pillar in combating fraud. Czekalla points out that Visa protects payments with more than a hundred different AI models. Visa’s AI-supported fraud detection could prevent losses of around US$40 billion (around 37 billion euros) worldwide in 2023 alone.

Overall, respondents are divided on the opportunities and risks of artificial intelligence: 38 percent believe the opportunities outweigh the risks, while the majority (54 percent) are more concerned about the risks. Perceived threats are higher among the over-60 generation (65 percent) than among consumers under 35 (45 percent).

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