*Artificial Intelligence is transforming industries across the world, but cybersecurity experts say the new technology is equally giving scammers powerful new tools to steal money, resulting in big losses for the rest of digital consumers
Isola Moses | ConsumerConnect
Artificial Intelligence (AI) is transforming industries, but it’s also giving scammers powerful new tools to steal money, but the new technology is generating big returns for crooks, big losses for the rest of us, according to report.
ConsumerConnect gathered experts have warned that Artificial Intelligence is offering cybercriminals a new toolbox to use in creating newer, crueller and harder-to-detect scams.
Cybersecurity experts warn that AI-driven scams are becoming more frequent and harder to detect in recent times.
“Scammers can impersonate your family and friends using AI technology to ask you for money or personal information.
“They do this by manipulating videos and recordings found on social media to produce realistic sounding voice recordings or even videos,” a report on New York City (NYC) Web site stated.
In a KUTV report also, Salt Lake City business owner Terence Mills shared how his employees often receive emails that look like they’re from him.
Mills stated: “There’s virtually no way for them to tell it’s fake.”
Sgt. Jeff Plank of Utah’s State Bureau of Investigation said cybercrime “is a huge problem,” with money stolen by cybercriminals quadrupling in the last five years.
Utah residents, in the United States (US), are especially at risk, losing more money to scams than the national average, agency report said.
Cybersecurity expert Perry Carpenter described AI scams as “fraud made easy,” allowing even inexperienced scammers to send thousands of convincing e-mails or texts.
“They can now create deception that was unthinkable five years ago,” he said.
Phishing season is always open
The US Federal Bureau of Investigation (FBI) also noted that phishing remains the most reported type of cybercrime, with incidents growing annually.
In 2022 alone, losses due to cyber scams reached billions of dollars, highlighting their financial impact, report stated.
Mills again, warned that scammers are even using AI to mimic voices, making it sound like a loved one is calling for help.
“You’d think, ‘I’m talking to my mom.’ But you’re not,” said he.
While AI could also be used to fight scams, Mills suggests companies like Google or Apple might develop tools to protect users.
However, Carpenter is skeptical, saying, “They haven’t even solved email phishing yet.”
Carpenter advises focusing on self-protection, reminding people that all scams share the same goal: “Money or minds.”
Most frequent cyber scams
New scams are being dreamed up all the time, so there’s no way to produce a list of every single one but here are some of the most frequent examples:
On phishing e-mails and messages, report further noted that scammers send deceptive e-mails or messages posing as legitimate entities like banks, employers, or government agencies.
Victims are often directed to fake websites or asked to provide sensitive information like passwords or credit card numbers.
Malware and Ransomware
Clicking on malicious links or downloading infected files installs malware on devices.
Ransomware locks users out of their systems until a ransom is paid, often in cryptocurrency.
In respect of AI-sriven Scams, it is said that with the use of Artificial Intelligence, scammers create realistic deepfake videos, voice mimics, or automated messages to impersonate trusted individuals or entities.
These can include fake calls or e-mails that sound convincingly real.
Social media and impersonation
Scammers impersonate friends, family, or colleagues on social platforms, asking for money or personal information.
They may also create fake profiles to lure victims into scams.
Online shopping fraud
Fake e-commerce Web sites advertise goods at low prices but either never deliver the products or steal payment details.
Investment and cryptocurrency scams
Fraudulent investment schemes promise high returns, often involving fake cryptocurrency platforms or Ponzi schemes.
Tech Support Scams
Victims receive unsolicited calls or pop-up warnings claiming their devices are infected, prompting them to pay for unnecessary or fake tech support.
How to protect yourself
Verify Requests: Always double-check the source of emails, texts, or calls, especially if they request sensitive information.
Avoid Clicking Unknown Links: Don’t click on suspicious links or download unsolicited attachments.
Use Security Tools: Install antivirus software, enable firewalls, and use secure passwords.
Educate Yourself: Stay updated on common scam tactics and red flags.
Report Suspicious Activity: If you suspect a scam, report it to authorities or organisations, such as the FTC, FBI, or Anti-Phishing Working Group.
By staying vigilant and informed, individuals can significantly reduce their risk of falling victim to cyber scams.
