How ‘Deepfakes’ and AI Create Fraud Risk

Scammers are always looking for new ways to trick people into giving up their sensitive information – so it’s no wonder that the world of generative artificial intelligence (gen AI) has become the next frontier for fraud.

According to the Deloitte Center for Financial Services, gen AI is predicted to cause up to $40 billion worth of fraud in the United States by the year 2027. Here are three forms of AI-generated threats you should be aware of.

1. Phishing Emails: AI-generated phishing emails appear legitimate, often by mimicking trusted senders and using persuasive language to coax recipients into disclosing sensitive information or downloading malware. Since such AI-generated messages contain few spelling errors and can be stylistically convincing and difficult to recognize as fraud attempts.
2. Calls with Imitated Voices: With the help of voice cloning, criminals can mimic trusted individuals or authorities and persuade people to disclose confidential data or transfer money under false pretenses.
3. Deepfake Images and Videos: Deepfake technology enables the creation of realistic images and videos by manipulating faces and voices to create false scenarios or mimic videos of real people. The consequences include damage to reputation and the spread of misinformation.

The first, best line of defense against emerging cybercrime threats is you! Here are five tips from KnowBe4 for recognizing possible AI-related threats and protecting yourself:

1. Verify email addresses and sender details for inconsistencies. Confirm unexpected requests for sensitive information through alternative channels before responding, such as by calling a person back on a known number.
2. Exercise caution with urgent requests for immediate action, especially those urging secrecy or financial transactions. Take time to verify the authenticity of such requests. If you think you recognize a voice on the phone but the request seems suspicious, you can ask for a fact known only to the genuine person.
3. Stay informed about advances in deepfake technology, including the possibilities for falsifying videos and images, and their potential impacts. This enables better detection of forgeries. Additionally, remain skeptical of suspicious media content and verify sources.
4. Use multi-factor authentication (MFA) if possible to add an extra layer of security for account or device logins, reducing the risk of unauthorized access or fraudulent activities.
5. Maintain a healthy skepticism toward content or messages that appear suspicious or deliberately create pressure. Be skeptical of unexpected or unusual requests and carefully verify their authenticity before responding.

Visit the FIBT Education Center for even more tips on how to stay safe online and keep your financial information secure!

Source: KnowBe4