Partner Richard Cannon comments on investment fraud in TheWealthNet

Partner Richard Cannon comments on how criminals are increasingly utilising artificial intelligence and cutting edge technology to commit investment fraud and financial crime.

Richard’s comments were published in TheWealthNet, 4 August 2023, and can be found here.

“Criminals are increasingly taking advantage of developments in artificial intelligence to target the public, combining age-old fraud techniques with cutting edge technology to perpetrate sophisticated investment frauds and financial crime.

“The growing use of artificial intelligence by fraudsters is a concerning development for authorities, and reflects the uphill battle that law enforcement faces against technologically adept and agile criminals. With sophisticated deep fakes and advanced AI becoming more readily available, we are only likely to see reports of such scams increase over the coming months.

“Given the nature of the private wealth industry, it is unsurprising that this has become a key target for fraudsters utilising AI and deep fake technology in scams. Investors must be alert to the dangers such technologies present, and education and reporting will prove essential in curbing this insidious new wave of financial crime and fraud.”