Two billion-dollar banks are facing a lawsuit for allegedly failing to stop a huge transfer fueled by artificial intelligence.
Texas resident Gary Cunningham is suing PlainsCapital Bank and Pathward N.A. after $20,000 was fraudulently transferred from his account, reports Fox 26.
[adinserter block="1"]The fraud happened after criminals hacked Cunningham’s email and used AI to clone his voice and convince his accountant to transfer $20,000 to a Pathward Financial account instead of the usual Chase account.
At the time, his accountant was being deceived, Cunningham was traveling.
The 76-year-old, who is representing himself in court, says the institutions should have better protections against AI-initiated fraud.
I believe I have enough information here to force the banks to do something different because they were negligent – grossly negligent.
“[The accountant] was convinced it was me talking to her – but I didn’t – I was on a plane to Chicago. There’s no way that was me.”
While Cunningham is not a trained lawyer, he tells Fox 26 he learned the court process from his late wife and was also guided by a couple of friends who are lawyers.
The lawsuit comes at a time when financial fraud against elderly Americans is on the rise. Annually, elderly Americans are losing over $3 billion per year to fraud, according to the FBI.
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