Growing Public Alarm Over AI-Driven Financial Fraud as Survey Reveals Widespread Concern

New research indicates a significant shift in public perception of artificial intelligence, with nearly seven in ten people believing the technology will fuel more sophisticated fraud schemes by 2026. The findings, drawn from a comprehensive survey conducted across Ireland, reflect mounting anxiety about AI's potential misuse amid rapid technological advancement.

Background and Context

The survey results emerge against a backdrop of increasing warnings from financial regulators and cybersecurity experts about AI's potential to revolutionize financial crime. Law enforcement agencies worldwide have documented cases where AI-generated deepfakes and automated phishing attacks have already been deployed against financial institutions and consumers. The European Union's recent Artificial Intelligence Act represents one of the first comprehensive attempts to regulate AI systems, though its full implementation remains years away.

Key Figures and Entities

According to survey data from PTSB's Reflecting Ireland research series, conducted by Core Research, 68% of respondents anticipate AI will enable more advanced fraud in 2026, marking a notable increase from 62% the previous year. Concerns extend beyond AI-specific threats, with 69% expecting general financial fraud to become more sophisticated. Employment anxiety also shows sharp growth, particularly among younger demographics: 80% of respondents aged 18-24 expressed concern about AI's impact on job security, up from 66% in the previous survey.

Legal and Financial Mechanisms

Financial regulators have begun responding to emerging AI threats through enhanced guidance for institutions. The Central Bank of Ireland has issued warnings about AI-enabled fraud, while international bodies like the Financial Action Task Force are developing frameworks to address AI's implications for anti-money laundering compliance. Survey respondents' concerns align with expert assessments that AI could dramatically scale up existing fraud mechanisms while creating entirely new vectors for financial crime.

International Implications and Policy Response

The survey findings mirror global trends in public sentiment toward AI technology. Regulators across the European Union and United States are racing to establish oversight mechanisms before AI-driven fraud becomes entrenched. The survey reveals a stark perception gap, with more than twice as many respondents viewing AI as a threat rather than an opportunity (39% versus 18%). This sentiment could influence public support for regulatory measures and affect adoption rates of emerging financial technologies.

Sources

This report draws on survey data from PTSB's Reflecting Ireland research series conducted by Core Research, alongside public regulatory guidance from the Central Bank of Ireland, the Financial Action Task Force, and the European Commission's AI Act documentation.