Online fraud has become one of the fastest-growing criminal enterprises on the planet. Deepfake fraud cases are surging, and Deloitte analysts project that generative AI-driven banking fraud alone could climb to roughly as much as $40 billion in the US alone by 2027.

The problem is not just the volume. It's the architecture. These are no longer opportunistic scams—they are industrialized, AI-assisted operations, and the synthetic media tools that power them are becoming cheaper and more convincing by the month.

A new report on deepfake financial fraud from Data & Society maps this threat. Justin Hendrix spoke to its authors, including:

1. Alice Marwick, director of research at Data & Society, and
2. Anya Schiffrin, co-director of the tech policy and innovation concentration at Columbia University’s School of International and Public Affairs.