Industry and individuals alike are embracing the potential of generative artificial intelligence (AI) solutions like ChatGPT, while concern continues to grow about the security risks they pose. AI is being used increasingly to detect fraud. Software providers offer solutions that analyze hundreds – even thousands – of data points for purposes of everything from verifying identity to detecting anomalies in user behavior. But at the same time, AI has proven a highly useful tool for criminals to commit fraud, including synthetic fraud – now the fastest growing type of financial crime.

The positive view goes like this: we could use blockchain/distributed-ledger technology to store our important data (such as financial and healthcare records) and only let others gain access to exactly what we allow. This method would replace the current approach where banks, healthcare providers, credit bureaus, and government offices store whatever they want using systems that may somehow be accessed without our consent.