fintech / news / / The Sun U.S Edition
Wells Fargo has urged all customers to protect themselves this year amid the widespread growth of generative artificial intelligence.
Wells Fargo warned that generative AI is enabling highly realistic deepfake scams targeting customers.
KEY POINTS
- A recent Gen AI scam used video deepfakes to steal $25 million from a Hong Kong company.
- Global payment fraud incidents have risen 65% since 2022, now affecting 79% of organizations.
- Wells Fargo recommends dual custody for payments and enhanced staff training to counter AI-driven fraud.
- Wells Fargo is closing select physical branches in 2026, impacting customers reliant on in-person banking.
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