Combatting AI-driven fraud begins with recognition. To protect yourself and your loved ones, know the most common frauds and how AI enables them. Here’s a breakdown:
- Phishing: AI enhances emails impersonating legitimate entities, like your bank, tricking you into sharing login details. 1
- Imposter Scams: Fraudsters, aided by AI, mimic trusted voices to deceive, like fake IRS calls demanding immediate payments. 2
- Tech Support: Scammers feigning tech assistance coax you into granting device access or buying unneeded services. 3
- Grandparent Scams: AI aids fraudsters in feigning family emergencies, like a fake grandchild needing bail money. 3
- Deepfakes: AI-driven manipulated videos or photos can deceive by impersonating celebrities, prompting fraudulent investments.
- Malware: Advanced AI malware evades security, exploiting system vulnerabilities. 4
Be skeptical of unsolicited personal information requests and verify the identity of communicators independently. By staying updated and cautious, you can better safeguard your finances in this tech-driven world.
Sources
1 AARP. “Phishing.” Aarp.Org, 2 Sept. 2021, www.aarp.org/money/scams-fraud/info-2019/phishing.html. Accessed 14 Jul. 2023.
2 Federal Trade Commission: Consumer Advice. “Imposter Scams.” Consumer.Ftc.Gov, 18 May 2016, consumer.ftc.gov/features/imposter-scams. Accessed 14 Jul. 2023.
3 Waterman, Genevieve. “The Top 5 Financial Scams Targeting Older Adults.” National Council on Aging, 27 Jul. 2022, www.ncoa.org/article/top-5-financial-scams-targeting-older-adults. Accessed 14 Jul. 2023.
4 AARP. “Tech Support Scams.” Aarp.Org, 1 Apr. 2022, www.aarp.org/money/scams-fraud/info-2019/tech-support.html. Accessed 14 Jul. 2023.