AI-generated identity fraud reported by more than half of businesses - report - RNZ
A report indicates that more than half of businesses have reported AI-generated identity fraud, with New Zealand organizations believing their business contract processes are vulnerable.
- Incident date
- May 2026
- Target
- Max Ferguson
More than half of businesses have reported AI-generated identity fraud, with each attack costing an average of $2.2 million. A survey found that a large majority of organizations are concerned about the vulnerability of their critical workflows to AI-powered fraud.
What happened
According to Lumin's chief executive Max Ferguson, AI-generated fraud is eroding trust. He noted scammers impersonating him to his staff and targeting accounts teams with fake invoices. The report indicated a large percentage of New Zealand businesses would be less willing to work with a partner who recently experienced an identity fraud incident. A majority of New Zealand organizations are planning to increase investment in identity verification technology and processes over the next two years.