The Rise of Fraud and AI: How to Protect Yourself & Your Money
Technology is evolving as fast as you can blink your eye. One of the most significant challenges we face with this fast-paced evolution of technology is extremely sophisticated and highly believable fraud schemes, many of which are powered by advancements in artificial intelligence (AI). While there is a lot of ‘good’ that can come from AI, there is always the downside that comes along with it. AI has provided fraudsters with advanced tools to carry out scams more successfully.
At CSE the safety and security of our members' finances is a top priority. Understanding the connection between fraud and AI is vital in safeguarding your money and ensuring you don't fall victim to scams. With this, we want to help easily educate you on some ways fraudsters are using AI to fuel their schemes:
- Phishing Scams: AI can generate highly convincing emails and messages within seconds. They may appear to be from legitimate sources, such as financial institutions, big brand retailers, billing companies and more.
- Deepfakes and Voice Impersonation: Advanced AI technologies can create realistic images, videos, and even voices of real people. All they need is 30 seconds of someone’s voice to impersonate trusted individuals, such as financial advisors or family members, supervisors and more to deceive victims into transferring money or sharing sensitive information easily.
- Automated Attacks: AI-driven bots can conduct large-scale attacks across accounts quickly. This could look like having stolen usernames and passwords and using them to gain access to a person’s or organization’s accounts easily. These attacks can be difficult to detect and prevent.
How to Protect Yourself from AI Scams:
It's essential to stay vigilant when it comes to AI-driven fraud. Here are 3 easy tips on what to believe (or not believe) and how to protect yourself:
- Verify Communication: Always verify the source of any communication, especially if it involves sensitive information or requests to move your own or your company’s money. Contact the organization or individual directly using official contact information, not the information provided in the suspicious message or person on the other end.
- Be Skeptical of Urgency: Scammers will create a sense of urgency to prompt quick action. Be cautious of messages that pressure you to act immediately, especially if they involve financial transactions or personal information – they’re likely to manipulate and use fear to cloud your judgment and decision-making.
- This wording may include words or phrases such as “right now, immediately, right away, act quickly, final notice, immediate action required, limited time offer, etc.
- Educate Yourself: It’s easy to overlook information about the latest fraud schemes and AI technology in our busy lives. But awareness is your first line of defense against all-scams.
Red Flags to Watch For
Recognizing the red flags of potential scams can help you avoid becoming a victim. Here are some warning signs:
- Unsolicited Requests: Be wary of messages out of the blue asking for personal information, credentials, or the transferring of money, especially if they claim to be from a trusted source.
- ‘Too Good to Be True’ Offers: If something seems too good to be true, it probably is. Scammers often lure victims with promises of easy money, prizes, or investment opportunities – think something in it for you without any work on your end.
- Suspicious Links and Attachments: Never click on links or download attachments from unknown or skeptical emails and/or text messages. These can lead to websites that can load malware onto your device.
Remember, if you ever have doubts about a communication or transaction, it's better to verify and be safe than sorry. We're here to help you navigate these challenges and ensure your financial well-being. If you have any questions or concerns, don't hesitate to contact us. Together, we can stay ahead of fraud and keep your money safe.
If you’d like to learn more about fraud and scams, check out our Fraud Prevention & Identity Theft Center on our website. We cover red flags to watch for, common scams, ID theft recovery, ID theft prevention, and real stories of fraud.
0 comments