As artificial intelligence (AI) continues to evolve, it brings with it not only advancements and conveniences but also a new wave of sophisticated scams. From voice impersonation to deepfake videos, scammers are leveraging AI technology to deceive and defraud unsuspecting victims. A survey by Talker Research and a study by Bitdefender Labs reveal alarming trends in AI-powered scams, highlighting the urgent need for awareness and vigilance.
We have used their surveys to identify some of the most prevalent AI-related scams, offering insights into how they operate and how you can protect yourself.
Deepfake Videos and Fake News
Deepfake technology has become an essential tool for scammers. It allows scammers to create realistic but entirely fake videos with the help of AI. This technology allows scammers to impersonate people you trust, including friends or family members, making requests that seem genuine. One notable example was a deepfake video of Ukraine’s President, Volodymyr Zelensky, seemingly telling his troops to surrender. This video was circulated shortly after Russia invaded Ukraine, causing confusion and panic.
68% of the 2000 participants in the Talker survey worried about fake news and the spread of misinformation through AI, which is a pressing concern.
Phishing Scams with AI
AI-enhanced phishing scams have become increasingly sophisticated. Scammers use AI to analyze social media profiles, crafting highly personalized phishing emails or messages.
These emails often mimic those from trusted entities, urging recipients to click on malicious links or provide sensitive information. Recent studies have shown a surge in such AI-enhanced phishing attempts, with 28% of people reporting email phishing as a significant issue.This emphasizes the need for caution and verification before responding to unsolicited emails.
Fraudulent Financial Transactions
AI enables scammers to mimic legitimate financial transactions, tricking individuals into transferring money or providing sensitive information. These scams also include stock market trading and cryptocurrency dealings.
69% of Americans believe AI significantly impacts financial scams, emphasizing the need for vigilance in financial transactions.
Voice Cloning Scams
Voice cloning technology has become so advanced that scammers can replicate someone’s voice with uncanny accuracy. These deepfake voice scams often involve a call from someone who sounds like a loved one in distress, asking for money urgently. According to recent reports,voice cloning scams are on the rise, with some victims losing hundreds of dollars before realizing the deception.
In a troubling case from Brooklyn, scammers used a cloned voice to impersonate a person’s mother, creating a false emergency and demanding money through Venmo. The couple was misled into believing their loved one was in danger.
Social Media Supplement Scams
AI-powered deepfakes are increasingly used in social media ads to promote fraudulent health supplements and treatments. These scams exploit individuals’ health concerns, featuring deepfakes of celebrities and medical professionals to endorse the products. A study by Bitdefender Labsdeep fakes are increasingly used in social media ads to promote fraudulent health supplements and treatments. These scams exploit individuals’ health concerns, featuring deep fakes of celebrities and medical professionals to endorse the products. A study by Bitdefender Labs revealed over 1,000 deep fake revealed over 1,000 deepfake videos and more than 40 misleading medical supplement ads targeting millions of users.
AI-Powered Identity Theft
AI can scrutinize extensive personal data, potentially aiding in identity theft. Scammers use AI to create fake profiles or gain unauthorized access to personal accounts.
34% of people have fallen victim to scams, with a substantial portion affected by identity theft tactics.
AI-Generated Fake Listings
AI has made fake listings for sales or rentals more convincing. Scammers use AI to create authentic-looking ads, tricking individuals into paying deposits for non-existent goods or properties. With 29% of Americans reporting encounters with fake sales or listings, it’s crucial to use trusted platforms to verify any deal’s legitimacy before making a payment.
AI-Fueled Fake Social Media Profiles
AI-powered fake social media profiles are becoming increasingly sophisticated. Bot accounts flood platforms with misleading content, while impersonation profiles deceive users by mimicking real people.
Deepfake personas use realistic AI-generated images and videos for deception. Fake review accounts manipulate product or service ratings, and fraudulent influencer profiles promote scams under false pretenses. Fake support accounts pose as customer service to gather personal data. Lastly, political manipulation profiles use AI to spread biased information and influence public opinion. Recognizing these types of profiles can help protect you from various online scams and misinformation.
AI-Driven Fake Charity Scams
AI technology can be used to create convincing fake charity campaigns, tricking individuals into making donations to non-existent causes.
Scammers use AI to generate realistic-looking donation requests and campaign pages, exploiting the goodwill of donors.
AI-Enhanced Credential Stuffing Attacks
Credential stuffing involves using AI to automate the testing of stolen usernames and passwords across multiple sites. Scammers exploit these automated attacks to gain unauthorized access to various accounts. With 34% of individuals reporting having fallen victim to scams, this method highlights the growing concern over AI-driven cyber threats.
Verification fraud
In our digital age, passwords, passkeys, and biometric systems are essential for securing access to sensitive information. However, AI is now being used to bypass these security measures. According to Jeremy Asher, a regulatory solicitor at Setfords, AI can generate convincing fake videos and images of non-existent individuals.
These forged identities can trick security systems into granting access to bank accounts, authorizing transactions, and even creating fake assets to obtain loans. The rise of such AI-driven fraud poses significant risks to both consumers and financial institutions, underscoring the urgent need for enhanced security protocols.
Fake Support Accounts
AI-generated profiles can impersonate official support or customer service accounts, deceiving users into believing they are receiving legitimate assistance. These fake support accounts often collect sensitive information or direct users to phishing sites.
In 2023, a widespread scam involved fake Amazon support accounts that contacted customers about supposed issues with their orders. Victims were tricked into providing their login credentials and payment details, resulting in significant financial losses. According to the Federal Trade Commission (FTC), consumers reported 52,000 tech support scams in 2023.
Fake Job Recruiters
AI technology can create fake job recruiter profiles and job offers that appear authentic. Scammers use these fake recruiters to collect personal information or fees from job seekers, exploiting their desire for employment.
Online Dating Scams
Scammers are using AI to create realistic dating profiles and interactions on online dating platforms. These fake profiles can engage in prolonged interactions, building trust before requesting money or personal information. It’s important to verify the identity of online connections and be cautious about sharing personal details or financial information.
Deepfake Celebrity Endorsement
Deepfake technology is utilised to create fake celebrity endorsements, lending credibility to scam products and services. A recent example involves using AI-generated videos of Elon Musk promoting cryptocurrency schemes. These deep fakes are highly convincing, leading consumers to trust and invest in fraudulent offerings. Always verify celebrity endorsements through official channels before making any purchases.