Computer-generated children’s voices so realistic they fool their own parents. Masks created with photos from social media that can penetrate a system protected by face ID. They sound like the stuff of science fiction, but these techniques are already available to criminals preying on everyday consumers.

The proliferation of scam technology has alarmed regulators, police and people at the highest levels of the financial industry. Artificial intelligence in particular is being used to "turbocharge” fraud, U.S. Federal Trade Commission Chair Lina Khan warned in June, calling for increased vigilance from law enforcement.

Even before AI broke loose and became available to anyone with an internet connection, the world was struggling to contain an explosion in financial fraud. In the U.S. alone, consumers lost almost $8.8 billion last year, up 44% from 2021, despite record investment in detection and prevention.