Executive Summary A customer clears know-your-customer checks, signs in from a recognized device, answers a challenge, and approves a transfer. Every checkpoint passes. The payment is still fraudulent. The scenario exposes a widening gap between successful verification and legitimate financial intent. Identity verification shows that a claimant appears legitimate at a moment in time; it does not prove continued control of the session, genuine payment intent, or recipient legitimacy. Generative AI allows criminals to manufacture documents, clone voices, synthesize faces, and personalize social engineering at scale. FinCEN and the U.S. Treasury have documented the use of AI…
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