AI Is supercharging fleet fraud, WEX executive warns
WEX Vice President William Fitzgerald warned that artificial intelligence is fueling a 200% surge in account-takeover fraud by...
Artificial intelligence has turbocharged financial fraud, lowering technical barriers and fueled a 200% year-over-year surge in account-takeover (ATO) cases, according to William Fitzgerald, vice president of anti-financial crimes at WEX.
Speaking at the WEX OTR Summit in Ponte Vedra, Fla., this week, Fitzgerald warned that fraudsters are leveraging cheap generative AI tools and automated agents to exploit vulnerabilities at an unprecedented scale.
"Anyone who wants to be a fraudster can pay $20 for an account and ask it how to commit fraud, and it will tell you in excruciating detail how to beat every control," Fitzgerald said. "The barrier to entry is gone."
Fitzgerald highlighted account takeover as the most dangerous and pervasive threat facing fleets today, contrasting it with traditional card skimming. While a skimmed card can typically be shut off and replaced, a compromised account acts like a professional thief operating inside the business while the owners are away.
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