Generative AI is rapidly increasing the volume and sophistication of online scams, pushing fraud ahead of ransomware as the top cyber risk for businesses and consumers. Executives report widespread exposure to AI‑powered phishing, voice and text scams, as well as invoice fraud and identity theft. Consumers are also feeling the impact, with identity theft topping their concerns. Experts warn that the lower barriers for criminals and the realistic nature of synthetic media make detection harder, and call for coordinated action across governments, businesses and technology providers to protect trust and stability.
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