Artificial intelligence (AI) is quickly transforming people’s lives. Whether it’s using digital assistants or generative AI tools, people are becoming more comfortable leveraging AI in their daily lives to help reach their goals.
Unfortunately, this includes scammers and cybercriminals. Since 2020, phishing and scam activity has increased by 95% and will continue to be fueled by AI because it can automate the most popular scams.
To help safeguard your finances, here is a list of 5 of the most common AI scams that you need to be aware of to help protect yourself.
1. Phishing Emails and Messages
A phishing message is when a scammer pretends to be a trusted organization like a bank or company, so you’ll reveal sensitive information like passwords or credit card information. AI is enabling scammers to create more convincing phishing messages that can be executed on a mass scale.
A scammer can use AI to analyze tremendous amounts of data, such as online behavior, social media profiles and public information. They’ll use the data they collected to create personalized messages that reference your interests, interactions or recent purchases. Additionally, AI corrects mistakes commonly found in phishing emails, such as formatting issues, spelling and grammatical errors.
How to protect yourself from phishing emails and messages: Check the message’s URL and domain against the actual company domain. If it’s not the same, it’s likely a scammer. Be careful about the public information you share online, which can be collected by an AI program and used against you.
2. Voice Cloning
Thanks to AI tools, scammers can clone voices that sound just like people you know. If they can pull pieces of a person’s real voice — even if it’s just a short audio clip — it’s often enough to create a synthetic voice for malicious purposes. Scammers might pretend to be a family member that desperately needs cash or could impersonate a company’s CEO to trick an employee into wiring large amounts of money.
How to help protect yourself from voice cloning: If you get an unexpected phone call from someone you know, be suspicious of urgency and don’t give a caller authentication codes, passwords or personal information. Hang up and call your contact back using the phone number you know is theirs.
3. Deepfake Videos and Images
Deepfakes are realistic AI generated images, videos or audio clips. For example, a scammer used deepfake content to impersonate Brad Pitt and trick a woman into sending over more than $850,000. Thanks to AI generated deepfake images, the woman believed that Pitt was in the hospital with cancer and needed money because his bank accounts were frozen in his divorce. Other scammers might use deepfake content to impersonate family members or a company executive who urgently needs access to funds.
How to help protect yourself from deepfake content: Even with AI-generated content, there are still red flags to look for to identify deepfake content. These AI generated images often have issues with lighting and proportions, and videos might have glitches and inconsistent frame jumps that suggest a video was chopped up. Look for unnatural body language, overly saturated or vivid colors and inconsistent movement.
4. Fake Investment Opportunities
Scammers can deceive investors by using AI to generate fake websites, forums and social media profiles. They often use thousands of fake accounts to promote a specific stock or cryptocurrency. AI can even simulate trading activities in real time or impersonate U.S. Securities and Exchange Commission staff and other government officials.
How to help protect yourself from fake investment opportunities: Review multiple sources of information and verify that your sources are authentic. Consider seeking assistance from a registered investment professional and leverage resources from the SEC, the North American Securities Administrators Association and FINRA.
5. AI Charity Scams
In the aftermath of a disaster, scammers and cybercriminals will seize the opportunity to trick people into sending money for a seemingly good cause. They use AI tools to create deepfakes of the disaster scene or first responders to generate donations. Because a crisis creates a combination of vulnerability and urgency, it’s not unusual for people to fall for these schemes.
How to help protect yourself from AI charity scams: Donate to reputable charities with a proven track record. If anyone asks for donations, inquire how they will spend your money and let them know you want to research their organization before donating. Rethink your donation if they pressure you or can’t explain how your funds will be used. Charity Navigator, Give.org and GuideStar are excellent resources for vetting charity organizations.
As AI evolves, it's crucial to stay informed and vigilant so you can help protect yourself and your finances. Being cautious and verifying the authenticity of any suspicious communication will go a long way in helping prevent fraud.
Your bank account security is a top priority at Zions Bank. Visit the Zions Bank Security Center to learn more about how you can remain vigilant. With a little caution and know-how, you can significantly reduce the chances of becoming the victim of fraud.
