The Velocity Gap

The release of Mythos Preview—and the reactions that followed—highlight a growing “velocity gap” between increasingly AI-powered fraud operations and the ability to respond. As AI accelerates cyberattacks, industrializes scams, and blurs the line between fraud and cyber, the pressure is growing for better intelligence sharing and more adaptive defenses.

 

---

1. Mythos Raises Pressure for Faster Cyber and Fraud Intelligence Sharing

The release of Anthropic’s Mythos Preview intensifies concerns around how quickly AI could accelerate cyberattacks and fraud operations by autonomously identifying vulnerabilities, generating exploits, and chaining attacks together. In the US, the issue recently prompted high-level discussions between federal monetary regulators and major bank CEOs.

The alarm is understandable. In 2018, the average time between vulnerability discovery and confirmed exploitation was measured in years. Today, working exploits reportedly emerge within 20 hours.

The findings reinforce a broader industry reality: fraud and cybersecurity are no longer separate disciplines. Recent research found that 50% to 70% of confirmed fraud cases contain cyber data elements, reinforcing the need for faster intelligence sharing and tighter integration between cyber threat intelligence and fraud prevention.

2. AI Fraud Cases Explode by 1210%

Express reports that cases of criminals using AI to commit fraud have surged by 1210% in 2025. Reported deepfakes, the epitome of AI-powered fraud, nearly doubled last year in both the UK and France.

The stats confirm what many fraud experts already see: it’s becoming hard to find fraud that doesn’t incorporate AI at some stage. Financial institutions need to adjust safeguards to this new reality—from empowering customers with tools that help them recognize scam attempts to leveraging AI and machine learning for stronger fraud detection.

3. UK Romance Fraud Surges by Nearly a Third

Victims of romance fraud in the UK lost more than £102 million last year—a 29% increase compared with 2024.

Behind the surge are increasingly sophisticated schemes blending emotional manipulation with AI-enhanced deception. Fraudsters are reportedly using chatbots and deepfakes to build credibility and manage multiple victims simultaneously. Then comes the endgame: convincing victims to send money, increasingly through fake investment and crypto opportunities.

For banks, this type of fraud remains especially difficult to detect. Identifying it requires the ability to connect behavioral changes, social engineering signals, and transaction anomalies before the manipulation results in losses.

4. Corporate-Style Scam Network Busted in Albania

A criminal network operating investment and recovery scams out of call centers in Tirana, Albania, has been taken down by Austrian and Albanian authorities with support from Europol and Eurojust. According to investigators, the operation employed up to 450 people across departments resembling a legitimate corporate structure—including HR, finance, IT, customer support, and management.

The network reportedly stole more than €50 million from victims across Europe. The case highlights the growing industrialization of scam operations, where corporate-style management has become a key enabler of scale and credibility.

5. Europol Launches New Anti-Scam Platform

Europol has launched a new EU Anti-Scam Platform designed to strengthen coordination against large-scale scam operations. The initiative focuses on five areas: intelligence sharing, rapid recovery of stolen funds, operational coordination, threat monitoring, and public-private cooperation.

As part of the initiative, Europol will provide weekly operational scam intelligence reports to EU law enforcement agencies to help them respond faster to emerging threats.

The move reflects a broader shift in how authorities now view modern online fraud: not as isolated incidents, but as a scalable criminal industry that demands coordinated, intelligence-driven disruption across institutions and borders.

6. IOCTA 2026 Highlights the Industrialization of Fraud

Europol has also published its annual Internet Organised Crime Threat Assessment (IOCTA). The findings are stark: fraud schemes are now the fastest-growing area of organized crime, with AI supercharging their efficiency, speed and reach. Agentic AI in particular “is set to raise the threat from OFS [online fraud schemes] to unprecedented levels.”

The report also stresses that tackling fraud requires cooperation far beyond banks alone. Telecom providers need stronger anti-spoofing measures and identity verification to disrupt SIM box abuse, while malicious ads on major online platforms enable fraudsters to target victims at scale across borders and languages.

7. JPMorgan Invests $14 Million Into Scam Prevention

JPMorgan Chase is investing nearly $14 million into anti-scam initiatives focused on consumer education, real-time fraud detection, scam intelligence, and suspicious message screening.

According to JPMorgan executives, scams increasingly span telecom providers, social media platforms, tech companies, and financial institutions—making isolated defenses ineffective. The investment highlights a broader shift toward ecosystem-level scam prevention summarized by Mercedeh Mortazavi, JPMorgan Chase’s head of financial health: “We don’t need one hero, we need a system that works.”

 

---

Banking Threat Bulletin highlights the stories shaping global fraud prevention and customer protection. Stay informed. Strengthen trust. Protect your customers.