Businesses
AI-Powered Cyberattacks Could Put Everyday Bank Accounts at Risk, Warns deVere Group CEO
23 Oct 2026
As artificial intelligence increases the speed and sophistication of cybercrime, deVere Group CEO Nigel Green warns consumers against exposing their main bank accounts to unnecessary online shopping risks.
Artificial intelligence is transforming the scale and sophistication of cybercrime, raising concerns about the security of online payments and everyday bank accounts. Nigel Green, CEO of global financial advisory organisation deVere Group, is warning consumers that using debit cards linked directly to their primary current accounts could expose them to greater financial risks.
In a statement released on 22 October 2026, Green highlighted the growing ability of AI tools to identify software vulnerabilities, automate fraudulent activity and potentially exploit weaknesses across online payment systems.
His warning follows reported cybersecurity concerns involving PHP, a programming language widely used to power websites. According to the release, recently identified vulnerabilities prompted precautionary actions by government agencies and renewed calls for organisations to strengthen their security systems.
AI Is Changing the Speed and Scale of Cybercrime
According to deVere Group, the growing use of artificial intelligence in cybersecurity is creating opportunities for both defenders and attackers.
The company points to two critical PHP vulnerabilities reportedly identified through AI-assisted analysis. Its release states that Finland temporarily suspended public government web services, while the Dutch national cybersecurity agency also took precautionary measures.
“When governments are hitting the off switch on their own websites, it's serious. The code behind most of the internet had holes in it for over a decade and it took AI to find them,” says Green.
The release also cites warnings from cybersecurity authorities in Britain, Japan, Australia and the United States, emphasising the potential consequences of vulnerabilities affecting widely used software.
For businesses operating ecommerce platforms, subscription services and digital marketplaces, such security concerns highlight the importance of protecting customer information and maintaining secure payment infrastructure.
Online Payment Fraud Creates Growing Financial Risks
The financial impact of cybercrime is already substantial. According to figures cited by deVere Group, global ecommerce fraud losses reached an estimated $48 billion in 2025, representing a 141% increase over five years.
The company also highlights projections suggesting that AI-facilitated fraud could rise from $12.3 billion in 2023 to $40 billion by 2027. Meanwhile, transactions where payment cards are not physically present reportedly account for approximately 65% of credit card fraud losses.
These figures, as presented in the company's release, illustrate the financial risks associated with increasingly sophisticated online fraud.
“One criminal with AI can now do the work of an entire gang,” Green says. “Scan thousands of websites overnight, knock up fake checkout pages, run stolen card numbers faster than any human could. I expect attacks to get more frequent.”
The concern extends beyond individual transactions. Consumers frequently store payment information across multiple platforms, including retailers, streaming services, airlines, delivery applications and subscription services.
Each additional platform introduces another potential point of exposure if security controls are compromised.
Why deVere Recommends Separating Online Spending from Main Bank Accounts
Green argues that consumers should consider limiting the funds directly accessible through payment cards used for online purchases.
His recommendation centres on prepaid debit cards, which allow users to load a predetermined amount of money rather than drawing directly from their main bank account.
“A prepaid card is simple,” says Green. “You put on it what you want to spend. If the details get stolen, the thieves get what's on the card and nothing else. They can't touch the account your salary goes into.”
deVere promotes its multi-currency Vault Prepaid Mastercard as one example of this approach. The card is designed for online and in-store transactions, as well as ATM withdrawals.
Using a separately funded prepaid card may help limit the amount exposed through a compromised card number, although it does not eliminate fraud risks or protect against every form of account compromise.
For consumers, the broader principle is to avoid unnecessarily exposing their primary banking relationships when making routine online purchases.
AI Could Also Strengthen Cybersecurity Defences
Despite his concerns about increasingly automated cybercrime, Green believes artificial intelligence will ultimately contribute to stronger digital security.
The same technology that could help criminals identify vulnerabilities can also assist security researchers in detecting weaknesses before they are exploited.
“AI found these holes and they got fixed. Good,” he says.
Green expects cybersecurity defences to improve as AI-powered detection and response capabilities develop. However, he argues that consumers should adopt practical precautions while businesses continue strengthening their digital systems.
For financial institutions, ecommerce companies and payment providers, the increasing accessibility of AI tools reinforces the importance of secure software development, vulnerability management and fraud monitoring.
Green concludes:
“Shopping online is brilliant. Just don't expose more of your financial life to it than you need to.”
As AI becomes more deeply integrated into financial services and digital commerce, protecting payment credentials and reducing unnecessary exposure will remain important considerations for businesses and consumers alike.
About deVere Group
deVere Group is an independent financial advisory organisation providing specialist financial solutions to international, mass-affluent and high-net-worth clients.
The company operates through a global network of offices and reports serving more than 80,000 clients, with approximately $14 billion under advisement.
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Sara Srifi
Sara is a Software Engineering and Business student with a passion for astronomy, cultural studies, and human-centered storytelling. She explores the quiet intersections between science, identity, and imagination, reflecting on how space, art, and society shape the way we understand ourselves and the world around us. Her writing draws on curiosity and lived experience to bridge disciplines and spark dialogue across cultures.
