2min chapter

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Bloomberg Wall Street Week - November 1st, 2024

Wall Street Week

CHAPTER

The Evolving Challenge of Cybercrime and the Role of AI

This chapter explores the challenges law enforcement faces in addressing the evolving tactics of technologically advanced criminals. It discusses the role of private companies and AI in enhancing cybercrime detection, while also highlighting the potential risks posed by emerging technologies like deepfakes.

00:00
Speaker 1
There's an old adage that we're always planning for the last war. Cyber criminals are not only fighting the current war against law enforcement, they're busy planning for the next one. And Levin of Chainalysis, at least, says, bring it on. Rosen and private actors like Chainalysis are getting better than ever at identifying patterns to catch bad actors who use technology to commit fraud. We
Speaker 6
actually really competition. And we think about it as a way for us to leverage all of our technology from the last decade to be able to bring to bear our new problems. techniques or there's new privacy protocols or things that happen in cryptocurrency, we have mechanisms and strategies about how we can continue to keep up with those adoption curves. Now
Speaker 1
there's a new tool on the horizon that may push law enforcement and the private sector even further in combating cybercrime, artificial intelligence. Some of the things that
Speaker 3
we think are going to begin to happen in the future are going to use AI to supercharge this process. So instead of needing hundreds of people to send millions of these messages, maybe you're only going to need a dozen people to send tens of millions of messages because they're using artificial intelligence. So that's one way that we think the criminals can scale their efforts. Another concern is with advances in technology that allow for things like deepfakes and impersonating people's voices or impersonating what they look like as well as what they sound like, that's going to make the criminals even more effective.

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