With the rise of AI, we have become virtually dependent on almost everything. What we fail to analyze are the risks associated with it. Such reliance on artificial intelligence has started to exploit us and we are not yet realizing it. There are so many AI Powered Scams in the world that it is impossible to save ourselves. All these scams, frauds and threats have made not only us but even our finances vulnerable.
In this blog we will discuss the meaning of AI Powered Scams, how they work and how you can protect yourself from such scams. So, let’s get started.
What Are AI-Powered Scams?
The first thing is to understand what AI powered scams mean. These are basically fraudulent practices done using Artificial Intelligence either to deceive or manipulate people for financial or personal gains. These AI-conmen will create various scenarios that look appealing to users and they will end up getting caught.
Their main aim is to manipulate people, exploit their vulnerabilities etc. Such conniving scams can take any form from simple hacking to phishing attacks. Who can be the target? It can be any person or any entity or even a group of people. Some popular AI powered frauds going on these days are:
- DeepFake Scams- Deepfake are AI generated images, videos or audios of some famous and influential people. Scammers use these videos etc to dupe people and make them believe otherwise. Many popular celebrities have been caught in this deepfake frauds.
- Phishing- Initially it was very easy to find phishing emails. But now due to AI, scammers are able to copy the writing tone, style of actual people. This way they are able to trick internet users to believe the emails and messages are sent from someone they know.
- AI Chatbots- Imagine talking to a customer executive or a friend and sharing all your personal information. And at the end finding it to be a chatbot. Will you feel tricked & cheated? This is how AI chatbot scams happen.
You will be surprised to know the financial toll these scams have on people. Many reports have claimed that cyber frauds account to loss and theft of millions of dollars every year. Despite the financial loss, the long-term impact on the minds of people is staggering. Identity theft, emotional damage, loss of reputation, emotional distress etc just compound the damage
How to Protect Yourself from AI-Powered Scams?
As AI is evolving so are the scams. They are becoming more and more sophisticated. Thus, being proactive and informed is the key. Here are some ways in which you can protect yourself from AI-powered scams:
1. Be Skeptical of Any Unsolicited Communication
The start of any scam is with an email, text message or a call. It doesn’t matter what kind of scam or fraud is about to happen, the initial contact is everything. So the next time you receive any kind of suspicious call, either ignore it or report it. Or you can verify the sender’s email, phone number using third party apps.
2. Scrutinize Emails and Messages for Red Flags
Keep in mind that phishing scams are getting more and more popular specifically due to AI intervention. In order to save yourself practice this:
- Suspicious sender: Always check the sender email id. Look for small details like punctuations, domain name because even a slight difference can indicate a potential fraud.
- Generic greetings: Look at the salutation and greetings in the mail. Companies will always use your name instead of being generic like “Dear Customer”.
- Urgency: Check the deadline or dates mentioned in the email. Scammers will usually ask you to take action immediately or write words like “caution”, “immediate attention required” etc.
3. Use Multi-Factor Authentication (MFA)
Multi-Factor Authentication is an excellent tool to up your security. When you use MFA, it will add an extra security layer to your passwords and accounts. If a scammer is successful in getting your password, he will have to break the second layer to get your account access. For example: enabling mobile OTPs, approving login via mobiles etc.
4. Regularly Update Passwords and Use a Password Manager
Most of the AI Powered Scams are based on retrieving passwords from the users. In order to avoid getting fished, try keeping a separate password for each account and also update it regularly. Don’t click on save password pop-ups. Always use a password manager to store your confidential data securely.
5. Educate Yourself and Stay Updated
If you stay updated and informed about all the scams in the market, chances are you will save yourself. Now the main question is where to get these updates? Look for authentic websites of the government. Apart from that, you can attend safety training.
6. Report Suspicious Activity
More than 80% of the people don’t report scams to relevant authorities. They just stay quiet and bear the losses. This is wrong!!!! Whenever you see a suspicious activity or any fraudulent email, report it then and there. In the US, a platform called FTC is there for people. Likewise in India there is a Cyber Security Cell. One report from your side can save thousands of other people.
Protection Against AI-Powered Scams: Final Thoughts
Do you know what these AI Powered Scams represent? They represent how vulnerable, risky and complex everything is becoming for individuals as well as businesses. Scammers are finding new means to catfish people. The only solution is to become vigilant, proactive and use safeguarding measures.
The best defense is self-awareness. No doubt AI is a very powerful tool and helps us in unique ways. But ignoring its bad side and risking ourselves is totally our fault. Thus, stay informed, aware, diligent and double check every click or work you do.
Have you ever seen an AI Powered Scam happening? If yes, share in the comments.