Protect Your Assets! AI is changing how criminals try to steal your money

Protect your assets from fraud and scams! Wealth Enhancement Group financial expert Dustin Smith provides some background information on how artificial intelligence is altering the fraud landscape.

Scammers have developed strong new tools in the generative AI era to fool victims with startling accuracy. These days, criminals employ AI to create lifelike spoof voices, photos, and videos that imitate reputable people or organizations. In one startling instance, a Hong Kong finance employee was duped into sending $25.6 million after participating in a videoconference with what looked to be the CFO and other officials of his company—all of whom were deepfakes created by artificial intelligence.

AI is being utilized to improve and automate fraud infrastructure in addition to impersonation. AI-powered chatbots are used by scammers to mimic customer support representatives, trick victims into clicking on harmful links, and even fix typographical and grammatical mistakes that previously exposed their schemes. With AI tools, fake websites and social media identities that mimic real financial platforms may be created in a matter of minutes. The FBI cautions that these developments make it easier for thieves to target victims worldwide and scale their operations. Vigilance and digital knowledge are more important than ever since as AI develops, so will fraudsters' strategies.