CYBERCRIMINALS IMPLEMENTED ARTIFICIAL INTELLIGENCE (AI) FOR INVOICE FRAUD
03-Jan-24
Resecurity has discovered the “GXC Team,” a group of cybercriminals that specialize in creating instruments for online frauds, e-commerce fraud, and online banking theft. The leader of the group, going by the handle “googleXcoder,” posted several announcements on the Dark Web around November 11th, 2023. The company announced major price reductions on New Year’s Eve, with things available on the Dark Web discounted by up to 20%.
These blogs presented a novel method for wire fraud and business email compromise (BEC) that uses artificial intelligence (AI) to create fake invoices. An FBI report states that successful business email compromise (BEC) frauds, like invoice fraud, caused an average loss of more than $120,000 every instance.
