Artificial Intelligence (AI) has changed our way of living, working and interacting, which provides incredible benefits in many fields including finance. However, while AI has simplified and secured many tasks, it is also being misused by fraudsters who are making sophisticated scams. With the ability to analyze data, mimic human behavior and generate fake materials, AI is able to detect new types of financial fraud which is difficult and easy to find out.
One such AI-based fraud is a voice cloning for method of method. Using advanced voice cloning technology, fraudsters can repeat a person’s voice with a small audio sample. They use it to replicate someone whom the customer knows, such as family members or reliable bank representatives, to transfer money to them or manipulate them to share sensitive information. These calls often create a sense of urgency, pushing customers to react without caution. To stay safe, customers should only avoid sharing sensitive information based on voice confirmation, especially under pressure, and verify the collar identity through the known contact information.
Another risk comes from deepfec, which uses AI to make hyper-euratic videos and audio that appear real. Fraudbers can use deepfac techniques to implement bank officials, officials, or even family members, assure customers to reveal confidential information or complete financial transactions. Customers should verify the identity of anyone requesting sensitive information, even if they are familiar. Calling back to official numbers and double-checking details can help confirm authenticity.
AI-operated fishing and individual scams have also become more advanced. AI enables “spear-firing”, in which scammers analyze social media and other online data that look valid to crafts individual messages. For example, a person who recently announced a big thing on social media may receive a fishing email that appears to come from a high-level executive, who is asking for sensitive information . To protect themselves, customers must be vigilant with unwanted messages, verify the sender, and avoid clicking on the link from rejected sources, even if the message seems real.
There are fake customer service and social engineering bots related to another trend. Frauds create fake customer service websites and chatbots that simulates to collect account details to actual agents or to collect direct users to users direct payment portal. Customers should use customer service only through verified channels like official websites or apps, and beware of unwanted customer service offers. Paying full attention to the URL, which may have minor mistakes or variations, can help prevent falling for these scams.
Investment scams and fake fake analysis are also increasing. AI can build fake investment analysis reports, financial forecasting and even simulated platforms, luring customers into fraud schemes. These scams often promise high returns with high risk, causing confusion of reliability. Cheating victims can show impressive returns on small investments to create a trust before assuring them to invest a large amount, then disappear with money. To be safe, customers must verify any investment opportunity independently, consult reliable advisors, and have doubts about “very good” returns.
AI is also used to create fake reviews and social evidence manipulation. By creating several fake reviews or admirers for fraud -fraud financial products, scammers create false credibility, which can mislead customers to rely on illegitimate services. Customers should be cautious with highly positive or vague reviews, rely on respected sources, and consult reliable advisors before taking decisions based on social evidence.
In addition to these specific safety tips, there are many common measures that customers can protect themselves from AI-managed fraud. Enabling security features such as multi-factor authentication (MFA) and biometric login can add an additional layer of protection. Limiting personal information shared on social media can help prevent fraud from personalizing scams. Using strong, unique passwords and updating them regularly can protect accounts, and a password manager can safely manage complex passwords. Installing reliable antivirus and anti-fisting software on devices also helps in blocking malicious activities.
It is necessary to be informed about the latest AI-operated fraud trends through cyber security advice and financial institutions alert, as is monitoring accounts and credit reports for regular abnormal activity. Finally, using verified channels for all financial transactions and avoiding unwanted emails or phone calls about financial matters can prevent many scams.
Customers can significantly reduce the possibility of AI-based fraud by following these risks aware of these risks and following these best practices. While AI is increasing financial services, customers are important for safety against vigilance and active safety measures AI-driven fraud.
This article is written by Siddharth Bhat, CTO, Dharma Broking Limited.
