Impact of Artificial Intelligence on Fraud and Scams

AI has captured the public imagination like few technologies before. Media has delighted in stories about what it may be able to do and its ability to generate new content almost instantaneously. Government leaders have met to debate whether AI poses an existential threat to us all, or at the very least forms of work as we know them. They have asked what should be done about it, whether it should be regulated and in what way.

In October 2023, Stop Scams UK organised a summit meeting hosted at the Bank of England by the Governor, Andrew Bailey, which brought together senior policy makers and representatives of industry. This report, and the research that underpins it undertaken by PwC together with Stop Scams UK’s members, formed the basis for that discussion, bringing focus and real-world experience to understandings of the impact of AI on fraud.