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ChatGPT is an artificial intelligence chatbot developed by OpenAI that has been used by hackers to impersonate trusted institutions. This has caused alarm among regulators, police and financial industry experts, as AI is being used to ‘turbocharge’ fraud. In the US alone, consumers lost almost $8.8 billion last year due to financial fraud, despite record investment in detection and prevention. It is an arms race between criminals and the financial industry, as they both strive to stay ahead of the other.