The advancement of Artificial Intelligence (AI) and Machine Learning (ML) has profound implications for both the utility and security of our digital interactions. This paper investigates the transformative role of Generative AI in Social Engineering (SE) attacks. We conduct a systematic review of social engineering and AI capabilities and use a theory of social engineering to identify three pillars where Generative AI amplifies the impact of SE attacks: Realistic Content Creation, Advanced Targeting and Personalization, and Automated Attack Infrastructure. We integrate these elements into a conceptual model designed to investigate the complex nature of AI-driven SE attacks - the Generative AI Social Engineering Framework. We further explore human implications and potential countermeasures to mitigate these risks. Our study aims to foster a deeper understanding of the risks, human implications, and countermeasures associated with this emerging paradigm, thereby contributing to a more secure and trustworthy human-computer interaction.