AI Fraud: AWARENESS AND AVOIDANCE
Artificial Intelligence (AI) can provide a lot of help with daily tasks. It can help us stay organized, make lists, identify patterns, and even write our emails. It’s becoming increasingly ingrained in many of the services we use every day. Unfortunately, with the advent of AI technology, scammers have found ways to harness its power to steal our money and our identities.
But you don’t have to become a victim. Here are some common examples of AI fraud - and how you can avoid them.
Be Wary of Phone Calls
AI has become extremely good at mimicking real voices. AI voice recognition can take someone’s voice – sampled from an existing video or audio recording they’ve made - and use it to create a new, fake recording. In recent years, scammers have become adept at using AI to impersonate people and deceive their loved ones.
For example, you may receive a phone call from what sounds like your child or grandchild, desperately asking for money. Just a few years ago, the scammer would be on the other line, trying to mask their own voice. But now using AI, they have created a clone of your relative’s voice, making it hard for you to determine if the call is real or fake.
A helpful way to combat this is to create a code word with family or friends that can be used in the event of a true emergency. This should be a private word that only you would know, something secret that a scammer wouldn’t be able to guess. Don’t put this word into writing - share it with your loved ones in person. That way, if your phone or computer is hacked, your code word won’t be accessed.
Do Not Give Away Personal Information Over Phone Calls
Never give personal information to people who call you, especially if it is an unsolicited call. This includes your name, address, date of birth, and of course, your Social Security Number. AI scammers can record you stating that information and later use your personal information to fraudulently access your accounts.
A simple but effective way to avoid being scammed is to avoid answering incoming phone calls or responding to texts asking for your personal information. If you receive a phone call or text from what appears to be your bank, don’t answer. Instead, find your bank’s official customer service phone number on your latest statement and call that number back instead.
A legitimate institution should never call you out of the blue and request personal information.
Don’t Forget About AI-created Images
AI can also be used to create fraudulent images - many appear completely real and life-like.
Many scammers use AI to create realistic-looking versions of driver’s licenses and other identifying documents. AI-generated pictures can look like the real deal but often include basic mistakes like having too many or not enough fingers on a hand, or slightly disfigured teeth and faces. If not examined closely, they can still fool someone.
If you receive a request or message from a social media profile that looks like someone you know, be careful. AI images can be used as “proof” to fool someone into thinking that they’re talking to someone they know. Since so many people have photos online, any of these can be taken and manipulated by AI software.
AI images can also make duplicates of websites that look nearly identical to the real thing, making phishing scams even harder to detect. Be sure to look closely at URLs or email addresses for accuracy. Does the URL or email match the actual website address you think you are going to visit? If not, don’t click on the link as it is likely fraudulent. Regardless, it’s a better practice to copy and paste any links in your browser versus clicking on the embedded link.
Steer Clear of AI Investing Scams
With the impact AI has on the future of technology, it makes sense that some people would want to invest in it. However, before dropping your nest egg into an AI company, you should be wary.
Since AI is still an emerging technology, it can be tempting to jump in on the ground floor of the “Next Big Thing.” However, you could also wind up losing everything. Fake videos and announcements promoting scam AI technology “opportunities” are being created. They’re designed to look like a real opportunity and marketed as such to attract potential investors. Only after the money is “invested” does it become apparent that the “investment opportunity” was never real.
Federal and state securities laws generally require securities firms, investment professionals, exchanges, and other investment platforms to be registered. A promoter’s lack of registration status is an immediate red flag. Investors can use the Investor.gov website to confirm the registration status of investment professionals and check for disciplinary history.
As AI scams become more and more prevalent, it can feel alarming and upsetting. Scammers want people to feel this way, so the individuals they target become easily flustered and more prone to making a mistake or giving out sensitive information. It is important that you make a plan with your loved ones and talk about your concerns around AI fraud. Do your best to keep a level head and think before you share any information.
And always remember The National Bank of Indianapolis will never call, email, or send a text message asking for your online password, PIN number or social security number.
To learn more about how to protect yourself from fraud or to report fraudulent or suspicious activity, visit our Fraud and Security Center.