Haywood Talcove, CEO of LexisNexis Risk Solutions' Government Group, tells Fox News Digital that criminal groups, mostly in other countries, are advertising on social media to market their AI capabilities for fraud and other crimes. A criminologist recently unearthed a video of a multibillion-dollar, transnational criminal organization that has been stealing from the U.S. government since the pandemic and selling generative artificial intelligence tools to other criminals, an expert says. The 58-second clip, which was meant for the dark web, opens with a person – who goes by "Sanchez" – covered head to toe in black clothing and speaking behind a black skeleton mask with someone else who appears to be digging a grave behind him. "Yes, I sell Chase bank accounts. Yes, I am one of the first people to sell fake bank accounts four years ago," the man who calls himself "Sanchez" said.

Haywood Talcove, the CEO of LexisNexis Risk Solutions' government division, told Fox News Digital that he believes there will be more than $1 trillion in artificial intelligence-assisted fraud if U.S. doesn't act quickly. America's spending on artifical intelligence in public safety is projected to increase from $9.3 billion in 2022 to $71 billion by 2030, according to a new analysis by the Insight Partners research firm. The projected seven-year boom is expected to be fueled by global and domestic terrorism, a growing need for security training and rising public safety demands coming out of the pandemic, the study says. "From emergency response to disaster prevention, AI has the potential to revolutionize the way we manage crises and protect our communities," according to the study. "Through advanced algorithms, machine learning and predictive analytics, AI can help first responders and public safety officials make more informed decisions, respond more quickly to emergencies and even prevent disasters from occurring in the first place."

Haywood Talcove, CEO of LexisNexis Risk Solutions' government division, told Fox News Digital that he believes there will be more than $1 trillion in artificial intelligence-assisted fraud if U.S. doesn't act quickly. Artificial intelligence smashed the floodgates to unprecedented fraud that could cost taxpayers hundreds of billions, if not $1 trillion, over the next 12 months, an expert told Fox News Digital. Haywood Talcove, CEO of LexisNexis Risk Solutions' government division, which evaluates and predicts risk, said he's already seeing criminals on the dark web using people's faces to steal from government and state agencies. Benefits to America's most vulnerable communities, such as Social Security, Medicare and Medicaid, and unemployment, are ending up in the pockets of criminals and criminal enterprises that are operating all over the world. "Being one of the wealthiest countries in the world makes us a huge target," Talcove said.

Were you unable to attend Transform 2022? Check out all of the summit sessions in our on-demand library now! The rise in identity fraud has set new records in 2022. This was put in motion by fraudulent SBA loan applications totaling nearly $80 billion being approved, and the rapid rise of synthetic identity fraud. Almost 50% of Americans became victims of identity fraud between 2020 and 2022.

LexisNexis Risk Solutions, a provider of data and analytics for the insurance industry, and Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, announced today the two companies have entered a strategic alliance. As a result, insurance carriers can now incorporate LexisNexis Claims Clarity data and analytics into Shift's insurance decisioning artificial intelligence (AI) models, allowing carriers to better predict fraud and risk at the first notice of loss. To achieve greater workflow efficiency and deliver optimal customer experiences, insurers are increasingly adopting low-touch and straight-through claims processing strategies. For these initiatives to be successful, it is critical that claims professionals have the right data to know when claims can be fast–tracked or when they require further triage and closer examination. LexisNexis Risk Solutions provides insurers with system-to-system, actionable party and vehicle data in near real-time.

RUSI's Centre for Financial Crime and Security Studies is launching a one-year study of policy and operational considerations related to the impact of artificial intelligence (AI) on financial crime. The project will explore the opportunities that AI offers for better financial crime detection, as well as the threats posed by the abuse of AI. It will form part of Financial Crime 2.0, a RUSI research programme focused on the intersection of new technology and financial crime. This latest workstream of the Financial Crime 2.0 programme is sponsored by its strategic partner, LexisNexis Risk Solutions. Tom Keatinge, Director of RUSI's Centre for Financial Crime and Security Studies, said: 'We are delighted to continue our Financial Crime 2.0 work, which delves into some of the most exciting, promising and topical issues facing the financial crime expert community'.

Recent research from Accuity indicates that banks struggle with the time required for staff to perform manual repetitive compliance tasks. Labor still accounts for the largest cost of compliance functions. Management tends to view compliance functions as cost centers, rather than profit generators, while regulatory changes drive bank behavior. Most people today understand the power of a data-driven approach when it comes to their recent online shopping behavior: we purchase goods online and our preferred vendor will offer us previously bought goods that might complement our purchase. The more data this algorithm has, the easier it can make predictions and recommendations for users.

LexisNexis Risk Solutions introduces its U.S. Auto Insurance Trends Report, which aggregates annual market data about auto insurance shopping, underwriting and claims. The report explores how technology is increasingly shaping the auto insurance lifecycle. It includes recommendations for how insurers can leverage these trends to enhance their quoting, underwriting and claims processes in a rapidly evolving market. "This report and the 2019 data presented in it serves as an important benchmark for auto insurance carriers as they continue to develop and enhance their operating plans while managing through unprecedented societal and economic change," said Adam Pichon, vice president and general manager, auto insurance, LexisNexis Risk Solutions. "Given how the pandemic has significantly impacted driving habits, it's more important than ever for carriers to leverage available technology designed to improve customer experience and regularly evaluate driving trends to identify deviations in order to better anticipate future risks and proactively adjust underwriting decisions."

Artificial intelligence and machine learning are increasingly embraced by U.S. carriers as they seek to remain competitive and modernize their operations, a new LexisNexis Risk Solutions study has found. Struggles remain, however, in terms of figuring out staffing and proper use of the technology to optimize its benefits. LexisNexis' look at how the top 100 U.S. carriers are using and benefiting from artificial intelligence and machine learning found a robust adoption of the technology and a strong belief in the benefits it will bring. Approximately 62 percent of respondents said they worked for insurance carriers that have already adopted artificial intelligence (AI) and machine learning (ML) initiatives. About 75 percent said they believe AI and ML can provide carriers with a competitive advantage through better decision-making.

As the industry gears up to enter 2020 and the new decade, carriers are investing in the capabilities that will help them thrive in an increasingly fast-paced, data-driven marketplace. To better understand insurance carriers' perceptions and the potential benefits and challenges impacting AI and ML adoption, LexisNexis Risk Solutions surveyed more than 300 insurance professionals across the top 100 U.S. carriers within the auto, home, life and commercial markets. Complete the form to access the white paper now.