Nigeria’s AGF Warns of Fraud Risks Posed by AI and Generative Technologies

Artificial intelligence (AI) and generative technologies are emerging as new tools for fraudsters, according to Nigeria’s Attorney-General and Minister of Justice (AGN ), Lateef Fagbemi (SAN), Aso Naija Reports.

KEY TAKEAWAYS:

• AI and generative technologies are new tools for fraudsters.
• DeFi systems can enable illicit financial flows.
• Law enforcement agencies in West Africa need to cooperate to combat new forms of fraud.

Speaking at the inauguration of the 27th meeting of the ministerial committee of the Action Group Against Money Laundering in West Africa (AGAMLA) in Abuja on Monday, Fagbemi called for an assessment to determine the current and long-term threats experienced by countries in the region.

“The threats we are facing will only continue to grow and evolve in unanticipated ways,” Fagbemi said. “In particular, the threat of artificial intelligence and generative technologies are already beginning to manifest new avenues for fraud.”

Fagbemi also noted that the decentralized finance (DeFi) system in use in many countries in the region has enabled illicit financial flows, making them difficult to trace and identify. He called for greater cooperation between law enforcement agencies in the region to combat these new forms of fraud.

The AGAMLA is a regional intergovernmental body that works to combat money laundering and terrorist financing in West Africa. The organization’s 27th ministerial meeting is being held in Abuja from November 20 to 21.