A Texas man is suing two major banks after $20,000 was stolen from his account using artificial intelligence.
A Sophisticated Scam
Gary Cunningham claims that PlainsCapital Bank and Pathward N.A. failed to prevent the fraudulent transfer. Hackers gained access to his email and used AI to mimic his voice, convincing his accountant to send the money to a Pathward account instead of the usual Chase account. This all happened while Cunningham was out of town.
The Lawsuit
Cunningham, representing himself in court, argues the banks were negligent in not having better safeguards against AI-based fraud. He says, “My accountant was convinced it was me – but it wasn’t. I was on a plane to Chicago. There’s no way that was me.” Despite lacking a legal background, he’s learned the ropes from his late wife and some lawyer friends.
A Growing Problem
This lawsuit highlights a disturbing trend: financial fraud targeting seniors is on the rise. The FBI reports that elderly Americans lose over $3 billion annually to such scams. Cunningham’s case underscores the need for stronger protections against increasingly sophisticated AI-powered fraud.
