Don’t fall victim to AI scams

The advent and development of artificial intelligence (AI) is exciting and intriguing, and seems to be permeating everyday life, from virtual assistants like Siri and Alexa, to opening your phone with face ID, all powered by AI functionality.

While a whole host of positive AI-related developments will no doubt improve elements of our lives, there are some serious risks to be aware of too – namely, the prevalence of AI scams, and their increasing sophistication – we all need to tune in.

A few main scams to be aware of include:

  • Videos and images can be created of people to pass through security and verification checks, with the intention of gaining access to bank accounts
  • ChatGPT enables phishing scams to seem more convincing by filtering out any spelling or grammatical errors and making the tone more human
  • Deepfakes are fake media content that has been generated and highly believable. One example being, a video clip of Martin Lewis which was recently fabricated, aiming to convince viewers to part with their money. This AI software can also clone voices and use them to make fraudulent phone calls. In a recent survey*, 77% of respondents said they had lost money due to this type of scam.

It could happen to you

There’s no doubt that everyone risks falling victim to these scams, age is irrelevant. Research** has discovered that almost half (48%) of adults aged between 25 and 34 have experienced or know someone who has experienced financial fraud, this compared to 24% of over 55s.

Knowledge is power

Recently Governor of the Bank of England, Andrew Bailey commented on the threat of AI, “The time to act to safeguard our society from AI-enabled fraud is now… all organisations need to think carefully about how AI may create fraud risks for their business and their customers. This will require ongoing vigilance, including monitoring and the sharing of insight and best practice between firms and across sectors.”

As the capability of AI is constantly evolving, we understand that the threat of scams can feel overwhelming, which is why it’s important to question everything, equip yourself with knowledge so you’re not vulnerable and, if in doubt, get in touch for guidance.

*Beware the Artificial Impostor, McAfee 2023

**Young banking customers losing almost £550 to fraud, according to research, GFT 2023

Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 26/04/2024

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