Podcast: FIs must use AI to anticipate frauds of tomorrow, expert says
Fraud and security senior analyst Jennifer Pitt joins 'FinAi Podcast'
AI is changing the fraud landscape on both ends of the spectrum: Fraudsters can use AI to increase the intricacy and polish of their exploits and FIs can use AI to identify scammers in near real-time.
But AI progress marches on and FIs must continually reevaluate and refine their methods for combating fraud, Jennifer Pitt, senior analyst of fraud and security at Javelin Strategy & Research, tells FinAi News on this episode of the “FinAi Podcast.”
“A lot of organizations that I speak to on a daily basis [are] only looking at the fraud that we’re seeing right now, and I think that’s the problem that we need to address,” she says. “We can’t only look at the fraud that we’re seeing right now. We have to be able to try to anticipate what fraud might be occurring.”
FIs need to be able to “think like a criminal,” Pitt says, to anticipate the next uses of AI for fraud, especially as models such as Anthropic‘s Mythos 5 and OpenAI‘s GPT-5.6-Sol expand capabilities.
“We need to look at all the fraud that’s actually happening — not only within each ecosystem, but the whole fraud landscape,” she says.
That means implementing the latest technologies, including AI, Pitt says. Concerns about implementation costs and preserving consumer trust may cause some FIs to hesitate before implementing new tech. However, FIs will pay a great deal more in both of those metrics if they do not implement AI and other modern tools to fight fraud, she says.
“You are going to pay either way,” Pitt says. “You pay on the front end for the technology and tools, or you pay on the back end for the financial loss or customer attrition.”
Listen as Pitt discusses how fraud has changed in the age of AI, what FIs and consumers can do to protect themselves and the critical need for institutions to share knowledge.
FinAi Lending Summit, set for Oct. 7-8 in Las Vegas, will include speakers from Fifth Third and Capital One as well as a fireside chat with U.S. Bank Senior Vice President – Lending Operations Group Manager Suzanne Rathbun. To learn more about the 2026 event and register, visit here.
