AI and instant payments increase corporate fraud risks

The rise of generative artificial intelligence and the widespread adoption of instant payments are creating significant vulnerabilities in corporate financial security. According to Anna Ongaro, Country Manager for Italy at fintech Sis ID, criminals are increasingly using AI to produce highly convincing fake invoices, forged identities, and impersonation emails that bypass traditional manual checks.

The transition to real-time payments, such as SEPA Instant, has removed the temporal safety net previously available to finance departments. While traditional transfers allowed several days for verification, instant transfers settle in seconds, leaving little time for intervention.

Data from the Bank of Italy indicates that while technological defenses are reducing overall fraud in instant transfers, the largest economic damages still stem from the manipulation of payers through social engineering, spoofing, and phishing. Globally, the impact is evident; for instance, authorized payment fraud in Australia increased by 67% in a single year, resulting in losses of $153 million. A global ACFE/SAS report notes that only 7% of organizations feel adequately prepared to intercept or prevent AI-based fraud.