The Rise and Risks of Artificial Intelligence
Artificial Intelligence (AI) is a constantly evolving and powerful technology. While it can be very
beneficial, it also poses as a major threat by increasing fraud and identity theft. Scammers are
using AI technology to easily create and personalize scams to make them more convincing.
Learn about the latest AI scams below to avoid becoming a victim.
Check out the Newsletter here!
Voice-Cloning Impersonation Scams
Scammers have become more malicious with phone imposter scams. Through AI, they are
now able to sound like a specific person using a voice-cloning software. All the scammer
needs is a short audio clip of a person’s voice, and they will sound just like a loved one on the
Key Signs of a Scam:
- Pressure to act immediately
- Use of scare tactics or enticing offers
- An offer too good to be true
- Demand for money by wire transfer, gift card, pay app, or crypto
- Requests sensitive, personal, or financial information
- Don’t trust the voice
- Hang up and call the person from a number you know is theirs
- Do no trust caller ID, as it can be faked
- Be cautious with what you post on the internet – just 3 seconds is enough to replicate one’s voice
AI-Generated Phishing Scams
Phishing attacks have been taken to a new level. Scammers are now using an AI chatbot tool to
craft well-written phishing emails. Grammatical and spelling errors – key indicators of phishing
emails – are now being rectified through chatbots. Phishing attacks are now more successful
and effective with less effort.
Be on the Lookout
- Phrases that create a sense of urgency
- Generic greetings
- Appears more generic and not personalized
- Unfamiliar email address
- Hover over links to view URLs before clicking
- Block Malware using software
- Set up Multi-Factor Authentication
- Do not reply, especially with personal information
Investment Fraud and AI
Investment fraud happens when scammers try tricking you into investing money, and now are
using AI – both the term and the technology – to do so.
Be on the Lookout
- Platforms that claim to trade crypto on behalf of investors
- Claims to use AI to generate returns
- Promises high returns with little risks
- Avoid investments you don’t understand
- Be wary of promoted investment opportunities on online platforms
- Do not give in to pyramid schemes.
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