The bank that bust the world transcript11/29/2023 ![]() That’s probably the number I’m personally receiving,” said Dali Kaafar, a professor and executive director at Macquarie University Cyber Security Hub in Sydney. “Australia receives about six to seven scam calls per capita every month. ![]() Phone scams cost Australians A$141 million in losses last year, representing 29% of the number of reported scams, according to the ScamWatch component of the report. The losses have increased significantly in recent years, reflecting the rising level of sophistication that scammers use in their crime operations. In 2022, Australian authorities reported a staggering A$3.1 billion in scam losses based on a report shared by the Australian Competition and Consumer Commission in April. The move forms part of a combined effort among the private sector, government, and law enforcement to combat scams and protect the community from its ill effects - including financial losses and emotional distress. Using machine-learning techniques based on more than 100 scam calls, artificial intelligence algorithms have been trained to follow the scammer’s language and script patterns, with the end goal of disrupting illicit actors’ business model and making phone scams economically unviable. Researchers in Australia have developed an AI chatbot that can mimic humans in an extended phone interaction with fraudulent callers, in an innovative approach to tackling the surge in telephone scams ![]()
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