Artificial intelligence (AI) is changing the way people live and work every day. While AI can be a valuable and powerful tool, scammers are using it in increasingly sophisticated ways to deceive people. From fake messages to cloned voices, these scams are becoming more common and harder to detect. In this blog, we will explain the three most common AI scams and how to protect yourself.
1. Phone Spoofing
Phone spoofing occurs when scammers alter caller ID information to make a call appear to come from a trusted source. Their goal is to trick you into answering and sharing personal or financial information. If you receive a suspicious call, do not share sensitive information. Hang up and contact the organization directly through a trusted channel.
2. Bank or Government Impersonation Scams
Whether it’s a text, call, or email, AI can create a convincing message. These messages usually involve a false sense of urgency. AI-generated voices can sound realistic enough to make victims believe they are speaking with their bank or a government agency. As a result, victims may transfer money or share sensitive personal information.
For example, a scammer may call and claim there is a problem with your bank account. They may ask for personal details to fix it. However, banks and government agencies will not randomly call asking for sensitive information or immediate payment.
3. Fake E-commerce Websites and Ads
AI can also create fake online stores and advertisements that closely mimic legitimate websites. These AI-generated ads are often targeted toward a person’s interests, making them more convincing.
For example, it could be a sponsored ad on your Instagram promoting a store where everything is 80% off. Because people naturally love a good discount, it’s easy to enter payment information before noticing suspicious signs.
4. Celebrity or Executive Impersonation
Artificial Intelligence (AI) can now use online photos and videos to create realistic fake videos and images. Scammers may use these AI-generated videos to impersonate celebrities, executives, or other high-profile individuals to gain trust. These scams are commonly used to ask for money, promote fake investments, or collect personal information.
Ways to protect yourself and Avoid AI Scams
- Never share banking credentials, debit card information, or pin number with anyone calling to request it. Hang up and call your bank with a trusted number and verify they called to request information.
- Always verify requests through a trusted channel.
- If you receive a suspicious message, delete the message and reach out directly to the organization.
- Avoid answering unknown callers.
- Enable multi-factor authorization on important accounts.
- Monitor your bank and credit card activity regularly.
What should you do if someone scams you?
- Contact your bank immediately.
- Freeze your credit to help prevent identity thieves from opening new accounts in your name.
- Change the passwords for your important accounts immediately.
As Artificial Intelligence (AI) technology continues to grow, it is important to be aware of these possible scams. Practicing safe online habits and verifying suspicious messages can help you avoid becoming a victim.
We’re Here to Help You Stay Protected
At Needham Bank, protecting your financial security is a priority. We combine monitoring tools, education, and support to help you recognize and avoid fraud.
If you ever have concerns about a call or account activity, don’t hesitate to contact us or call our Customer Care Center at 781-444-2100.
Looking for even more ways to stay protected?
Visit our Fraud Prevention Resources for tools, tips, and insights to help you recognize and avoid common scams.
