Citigroup CEO Jane Fraser said businesses worldwide are urgently strengthening cybersecurity defenses against AI-related threats, describing the resulting activity as a "tsunami of patching." Her warning adds urgency to concerns that artificial intelligence is accelerating both financial services and criminal activity. In a July interview with the South China Morning Post, Fraser said banks need to invest heavily in defenses against AI-enabled fraud, money laundering and cyberattacks while continuing to introduce AI across their businesses. A January 2026 survey of 252 financial-sector leaders found that AI-enhanced social engineering had become the industry’s leading cybersecurity concern, rising 16 percentage points from earlier assessments. Citigroup has deployed AI tools among roughly 180,000 employees globally for fraud detection, risk management and operational efficiency. Fraser said AI would eliminate some jobs while creating others, describing the shift as a net evolution rather than a catastrophe. In March 2026, Citi increased its global AI capital expenditure forecast for 2026 through 2030 to $8.9 trillion from $8 trillion.