Artificial Intelligence technology is evolving and becoming more accessible, and scammers are finding ways to exploit it. They may use voice-generation tools to deceive consumers, and they may also generate videos and photos to post on social media. All these AI scams are designed to trick individuals into giving away their money and personal information. According to most recent data from the Federal Trade Commission, imposter scams were the most commonly reported scams with consumers losing $2.6 billion, up from $2.4 billion. Although scams that use AI have been around for a while, they’re expected to surge with the rapid advancement and wider availability of technology. For this reason, Chase is sharing the major ways scammers are using AI, and tips to protect yourself if you suspect you’re being scammed. Scammers are always thinking about new ways to trick victims, and they are now using AI in three major ways:
1. AI Voice Scams. This type of scam affects 1 in every 4 adults now that scammers can use AI technology to duplicate voices and trick consumers out of money and personal information, pretending to be close family, friends, or coworkers.
2. AI Video Deep Fakes. Fake videos with audio are being created to impersonate famous individuals such as celebrities, CEOs, or politicians to entice consumers to send money.
3. AI-driven password hacking. AI has made it easier than ever for scammers to hack passwords as they are now able to process large quantities of data very quickly.
How to protect yourself and avoid falling victim to these scams:
Be cautious when receiving unexpected phone calls or messages requesting urgent action or financial transactions.
Set up a code word with your close circle and always confirm callers by contacting them back on a phone number you know to be theirs.
Avoid sharing personal or financial information over the phone or through messaging apps.
Don’t answer calls from unknown numbers and don’t speak if you do accept the call. Even short phrases can be used to capture your voice.
