US Acting Comptroller of the Currency Michael Hsu has highlighted the rising use of AI in financial fraud, which is overwhelming banks' defenses, according to the Treasury Department. News outlets and financial blogs have echoed these concerns, noting that while AI and machine learning technologies are being used to detect and prevent fraud, they are also enabling fraudsters to launch more sophisticated attacks. Financial institutions have been using AI for cybersecurity and anti-fraud operations for years, with Republicans expressing appreciation for the Treasury Department's assessment of these efforts. The CFO's New Frontier: Mastering Fraud Prevention with AI blog underscores the dual nature of generative AI technology, which, while empowering fraudsters, also offers organizations valuable tools to combat these threats.