Accounting firm KPMG says the majority of businesses with at least $50 million in revenue are losing income to scammers using AI.
In a study conducted between February 4th and 13th, KPMG polled business owners or executive-level C-suite decision-makers at 251 Canadian companies with annual gross revenues from $50 million to over $1 billion to gain insights on fraud and AI use.
The accounting firm finds that in the last 12 months alone, 72% of businesses had lost 5% of their profits to AI-powered attacks, with 94% saying they are bracing for the risk of attacks in the coming year.
KPMG also finds that 81% had witnessed attempted or successful AI-powered fraud, and 72% of those were targeted more than once.
About 60% had fallen victim to fraudulent email/chat that used AI agents or AI-generated content, 39% had experienced AI-powered deepfake document fraud and 24% were victims of voice-clone attacks.
While the firm says 52% of companies polled are using AI to combat AI, KPMG says only 26% have implemented and tested a comprehensive, formal and written fraud incident response plan that explicitly covers AI-powered attacks.
KPMG suggests that companies adopt effective anti-fraud programs in the age of AI, including continuous identity verification, behavioral analytics and biometrics, deepfake-aware liveness checks, zero-trust identity flows, machine identity governance, cross-channel analytics, humans-in-the-loop decisioning and AI model risk management.
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