Artificial intelligence (AI) is no longer a buzzword whispered in tech circles – it is now the hot topic for business leaders.
A 2023 McKinsey survey of organisations around the world revealed that 40% of respondents plan to ramp up their AI investment. Embedding AI at speed could, however, risk a devaluation of core intellectual property assets, discrimination claims resulting from algorithmic biases, and a reputational fallout from inaccurate outputs.
This difficulty is compounded by a shifting regulatory landscape, as well as the need to be vigilant against the external threats posed by fraudsters’ increasing use of AI to compromise business integrity and information security. Offering a compass to board directors as they navigate this technology’s disruptive potential, this briefing note sets out the key questions to ask when deciding upon incorporating AI into their companies’ work processes and highlights common AI-based activities that could be fraudulent.