Artificial intelligence (AI) is revolutionizing the way we live and work. Unfortunately, it’s also revolutionizing how scammers con unsuspecting victims into sharing their personally identifiable information and their money. Here’s what you need to know about AI fraud and how to protect yourself.
AI fraud is using artificial intelligence to deceive or defraud individuals or organizations. When using artificial intelligence to pull off a scam, fraudsters use AI algorithms to create convincing fake identities, manipulate social media, generate realistic fake images and videos (AKA “deepfakes”), and more. The scammers then create fake social media profiles and email addresses using these bogus identities and footage. Often, they’ll pretend to represent celebrities or other famed personalities to solicit money and information.
In another form of AI fraud, scammers use social engineering tactics to trick people into giving them their personal information or money. They may create fake websites or emails that appear to be from legitimate sources, such as financial institutions or government agencies, and ask people to provide their personal information or login credentials.
AI fraud is especially dangerous because its sophistication makes it difficult to detect. Thanks to AI technology, scammers appear legitimate, increasing the likelihood that people will fall for their scams.
AI fraud can take many forms, including:
Each type of AI fraud has its unique characteristics and risks.
Are you being targeted by AI fraud? These red flags may be your first clue of an AI scam:
If you notice any of these signs, it’s important to be cautious and investigate further. If the contact claims to represent a government agency, do not engage. Reach out directly to the agency that supposedly contacted you to see if the communication is legitimate.
Similarly, if someone claiming to be from Elevate Credit Union calls, it's perfectly okay to hang up and give us a callback. We will never be offended or contact you to ask for account numbers, passwords, or other personal data! Being safe regarding your personally identifiable information and money is always better.
Keep your money and information secure by following these precautions at all times:
If you suspect you’ve been the victim of AI fraud, it is important to act quickly to mitigate the damage. First, contact Elevate Credit Union to let us know your information has been compromised. Similarly, contact your credit card companies to inform them about the fraud. Next, the fraud should be reported to the Federal Trade Commission so they can take appropriate measures to catch the humans behind the bot-generated scam.
Finally, you should change your passwords and login credentials and consider a credit freeze. If your identity has been stolen, contact the FTC at identitytheft.gov to learn your next steps.
AI fraud is a growing concern, but there are steps you can take to protect yourself. Follow the tips outlined here and stay safe.
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