**Episode Summary:**

In part 1 of this two part episode, of *Beyond the Algorithm*, host Aarti Samani interviews Frank McKenna, a renowned fraud expert and co-founder of Point Predictive. Frank shares his extensive experience in combating the escalating waves of cybercrime and fraud that have surged post-pandemic.

From the dark realities of "fraud tsunamis" to the terrifying rise of digital doppelgangers and deepfake scams, this episode delves into the sophisticated tactics fraudsters use today. Frank also offers practical advice for businesses and individuals on how to protect themselves from these relentless attacks. Tune in to understand why the threat of cybercrime is far from over and what you can do to stay safe.

**Key Takeaways:**

**Fraud Tsunamis**:

The pandemic created a fertile ground for fraud, with $1.6 trillion stolen in the U.S. alone. The explosion of social media has only exacerbated the problem, making fraudsters more connected and dangerous.

**Digital Doppelgangers**:

With AI tools, anyone can create a digital twin of themselves - or of you. These digital doppelgangers can be weaponized, posing significant risks to personal and corporate security.

**Multimodal Fraud Attacks**:

Scammers now use a combination of deepfakes, voice cloning, social engineering, and more to execute sophisticated fraud schemes, such as Business Email Compromise (BEC) attacks.

**Practical Defense**:

Small businesses aren't immune to cyberattacks. Frank emphasizes the importance of employee training, enabling robust security measures, and using tools like two-factor authentication and whitelisting to safeguard against threats.

**Notable Quotes:**

1. *"The pandemic was really transformational… We saw a lot more people on social media sharing methods of how to commit fraud. By my own estimates, I think there's about a million new fraudsters that were radicalized just here in the U.S. alone."*

2. *"Digital doppelgangers are going to explode over the next few years. Zoom might let you join a call with your digital twin—just imagine the risks if someone else controls it."*

3. *"When technology catches up, and real-time deepfake conversations become possible, that’s when it’s going to get really dangerous."*

**Topics Discussed:**

- The pandemic's impact on the rise of cybercrime and fraud

- How fraudsters use social media to share tactics

- The concept and dangers of digital doppelgangers

- Multimodal fraud: Combining deepfakes, voice cloning, and social engineering

- Practical steps for businesses to defend against cyberattacks

- Case studies on ransomware and Business Email Compromise (BEC) attacks

- The frightening reality of pig butchering scams and their implications

Don't miss out on this crucial conversation that could protect you and your business from becoming the next victim of a cyberattack.

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Aarti Samani and Steve Suarez bring a mega episode on all things AI that goes beyond the algorithm! We discuss: 1. The convergence of quantum computing and artificial intelligence (AI) 2. Frameworks for AI strategy, that SME leaders can use to embark on the AI transformation programme 3. Evolution of business models for AI products 4. Design thinking, and its role in AI strategy 5. Advise for MBA students getting ready to take leadership roles Steve Suarez, founder and CEO of HorizonX Consulting, is a distinguished leader in AI and Quantum computing. He is an external advisor to Bain & Company, and former Global Head of Innovation at HSBC. Steve advises senior executives, holds non-executive board roles, and speaks at top tech conferences, exemplifying his commitment to advancing innovation. As an MIT Sloan and Harvard Business School alumnus, he embodies a lifelong dedication to excellence. Steve and I cover a lot of ground in this episode, don't miss it!

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Colin emphasizes the need for a Chief AI Officer in organizations and the role they play in setting AI strategy and fostering a culture of digital innovation.

Colin highlights the wide-ranging impact of AI on businesses and the need for leaders to adapt and incorporate AI into their growth strategies.