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Tips on How to Safeguard Against AI Fraud
Here’s what you need to know about AI fraud and how to protect yourself.
Artificial intelligence (AI) is revolutionizing the way we live and work. Unfortunately, though, it’s also revolutionizing the way scammers play their games. Here’s what you need to know about AI fraud and how to protect yourself.
About AI Fraud and How to Protect Yourself
Artificial intelligence (AI) is revolutionizing the way we live and work. Unfortunately, though, it’s also revolutionizing the way scammers play their games. Here’s what you need to know about AI fraud and how to protect yourself.
What is AI fraud?
AI fraud is the use of artificial intelligence to deceive or defraud individuals or organizations. When using AI to pull off a scam, fraudsters use 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 to solicit money and information. Similarly, 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 comes in several forms, including:
- Phishing
- ID theft
- Deep fakes
- Impersonation
- Fake news
- Social engineering
- Chatbot scams
Common Red Flags
Look out for these red flags:
- Multiple unsolicited emails and/or text messages
- Asked to provide personal info or login credentials by an unverified contact
- Unusual activity on your social media accounts
- Receiving financial advice that seems too good to be true
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 or financial institution, do not engage. Reach out to the agency that supposedly contacted you to see if the communication is legit.
Ways to Protect Yourself from AI Scams
The best ways to protect yourself against AI scams are to be prepared, understand these scams and be on the lookout for them. Keep your money and information secure by following these precautions at all times:
- Create a “safe word” to share with family and friends to help authenticate phone calls
- Strengthen passwords by using two-factor authentication
- Let unknown calls go to voicemail, then call back to verify identity
- Know most banks will never initiate conversation and ask for your personal information
- Never share sensitive information online with an unverified contact
If someone claiming to be from BankUnited calls you, it’s perfectly okay to hang up and give us a call back. We will never be offended, and we will never reach out to you to ask for account numbers, passwords, or other personal data. It’s always better to be on the safe side when it comes to your personally identifiable information and your money.
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All content is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your legal and tax or accounting advisors before making any financial decisions.