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AI-fueled fraud creates new cybercrime frontier for risk managers - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers AI-fueled fraud creates new cybercrime frontier for risk managers by Louise Esola Anthony Dolce, head of professional liability, cyber, tech E&O at The Hartford, speaks on cybercrime Monday. Cyber Risks , Emerging Risks , P/C Insurers , Risk Management , Technology The Hartford Insurance Group Inc. May 4, 2026 PHILADELPHIA — As artificial intelligence reshapes cybercrime, risk managers are facing a new frontier where fraud is faster, more convincing and harder to stop, according to an expert who spoke Monday at the Risk & Insurance Management Society’s Riskworld conference. Deepfakes, business email compromise and payment fraud are rapidly overtaking traditional ransomware and data breaches as the most frequent cyber claims, forcing companies to rethink both prevention and insurance coverage, said Anthony Dolce, Hartford, Connecticut-based head of professional liability, cyber, tech E&O at The Hartford. Mr. Dolce focused on how threat actors are increasingly using AI to scale social engineering attacks, impersonate trusted executives and manipulate payment systems. While ransomware still drives major losses and headlines, he said lower-severity but high-frequency fraud events such as phishing, invoice manipulation and fraudulent wire transfers are now creating a “death by a thousand cuts” for organizations. Business email compromise remains one of the most common threats facing organizations. These attacks rely less on technical hacking and more on exploiting trust, urgency, and normal business workflows. Fraudsters impersonate trusted executives, vendors, or financial institutions to pressure employees into sharing sensitive information or authorizing payments. Mr. Dolce emphasized that these schemes often succeed because employees are trying to be helpful and responsive, especially when requests appear urgent or come from someone in authority. Payment transfer fraud and invoice manipulation are also growing concerns, he said. In these cases, criminals intercept communication between vendors and clients, sending fraudulent invoices or redirecting wire transfers to criminal-controlled accounts. Once funds are transferred, recovery becomes extremely difficult. Multifactor authentication and payment validation protocols help, but attackers increasingly use phone calls and social engineering to trick employees into bypassing those safeguards themselves, he said. The fastest-growing threat discussed was deepfake-enabled fraud. AI-generated voice cloning and manipulated video make it easier for criminals to impersonate executives, financial officers, or trusted contacts with alarming realism, he said. Unlike earlier obvious fakes, modern deepfakes are becoming harder to detect and far more scalable. AI is enabling threat actors to do “more, faster, cheaper,” Mr. Dolce said, allowing criminals to launch hyper-personalized phishing campaigns and lowering the barrier to entry for cybercrime. On insurance coverage, Mr. Dolce spoke on the distinction between crime insurance and cyber insurance. Crime policies typically respond to direct financial losses caused by fraudulent inducement, while cyber policies are triggered by a cyber event such as unauthorized access or network intrusion and often cover response costs like forensics, remediation and legal support. Many organizations place both coverages with the same insurer to avoid disputes and reduce gaps, he said. 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