November 9th 2025.
In today's world, we are constantly bombarded with new artificial intelligence apps that claim to be the key to unlocking humanity's potential. But with the market becoming oversaturated and the fear of a bubble burst looming, many are questioning whether AI is a friend or foe.
On one hand, AI has the capability to produce incredible and awe-inspiring results in the right hands. However, in the wrong hands, it can be a dangerous tool for stealing personal information and hard-earned money. This is why it's important to be aware of how financial scammers are using AI and how we can protect ourselves from their schemes.
One of the ways scammers are utilizing AI is through deepfake technology. This technology allows them to create fake videos, images, and audio that appear to be of real people. This has caused eyewitness testimony to become less reliable, as we now have to question if what we see and hear is actually real. But the danger goes beyond just entertaining fake videos; scammers are using this technology to trick people into giving away their money.
Deepfake technology works by analyzing videos, images, and audio of real people and then recreating their likeness. This has become more accessible with the introduction of Generative Adversarial Networks in 2014, which allows computers to recognize and reproduce detailed patterns. Unfortunately, it didn't take long for scammers to see the potential for making money with this technology.
One of the first known cases of deepfake scamming occurred in 2019 when the CEO of a UK-based energy firm was scammed out of €220,000. The CEO received a phone call from the head of the firm's parent company in Germany, who turned out to be a deepfake impersonation. The CEO didn't suspect anything until a follow-up call from Austria raised some red flags.
These types of financial scams can take on many forms, such as impersonating a loved one in need of emergency cash, posing as a manager to gain access to employee payment details, or even pretending to be a government representative demanding payment for taxes or fines. So, how can we protect ourselves from these increasingly sophisticated scams?
One way is to use multiple methods to verify the receiver's identity when sending money, such as communicating through alternative contact methods, creating strong passwords, or using biometric verification. It's also important to stay aware of details like who is making the request, where it's coming from, and if it aligns with any previous conversations. Additionally, using deepfake detection software can help flag suspicious activity, especially for businesses or individuals who handle large sums of money.
Another way scammers are using AI is by creating fake websites and online activity. In the past, having a lot of internet buzz was a sign of relevance and potential for monetization. However, people soon discovered ways to manipulate the system, such as buying engagement from real people or using bots to artificially inflate clicks, views, likes, and followers.
With the advancement of AI, this fake engagement has become even more sophisticated. Scammers can now effortlessly create websites that appear to be legitimate and produce fake online reviews and social media accounts that are nearly indistinguishable from the real thing. This allows them to mask their true intentions and convince unsuspecting individuals and businesses to hand over their money for products, causes, or opportunities that don't actually exist.
In fact, there is a conspiracy known as the "dead internet theory" which suggests that the internet is controlled by bots and lacks any real human activity. While this may or may not be true, the rise of AI has made this theory seem less far-fetched.
To protect ourselves from falling victim to these types of scams, it's important to cross-check the details of any business or person we are considering transferring money to. Look for physical addresses, business registration numbers, and privacy policies as these can help verify the legitimacy of a business or individual.
In conclusion, while AI has the potential to bring about incredible advancements, it's also important to be aware of how it can be used for malicious purposes. By staying informed and taking precautions, we can protect ourselves and our hard-earned money from the dangers of AI-fueled scams.
In the midst of a flood of artificial intelligence applications, there is a heated debate about whether AI is a helpful ally or a dangerous enemy. On one hand, the potential of AI to achieve incredible feats is undeniable. But on the other hand, in the wrong hands, it can be a powerful tool for fraudulent activities such as stealing money and personal information.
According to Finder.com, financial scammers are using AI in their schemes, making it crucial for individuals to safeguard themselves against these threats. One of the ways scammers are using AI is through deepfake impersonation. With this technology, videos, images, and audio of real people can be analyzed and recreated, often without their consent. This has led to instances where people have to question the authenticity of seemingly real events, like Tom Cruise dancing in a bathrobe on his front lawn or Trump and Biden going on a beach vacation together.
But the consequences of deepfake technology go beyond entertainment. Scammers are using it to trick people into giving away their hard-earned money. For example, they can create fake phone calls or impersonate someone in a business setting to gain access to sensitive information. In 2019, a CEO in the UK was scammed out of €220,000 after receiving a deepfaked phone call from the head of the company's parent firm in Germany. The CEO only became suspicious when a follow-up call came from Austria.
So, how can you protect yourself from these sophisticated scams? One tip is to use multiple methods to verify the receiver's identity when making money transfers. This can include conversing with them through alternative means, using strong passwords, or enabling biometric verification. It's also important to pay attention to details like who is making the request and where it is coming from. If something seems out of the ordinary, it's best to proceed with caution. Additionally, using deepfake detection software can help identify suspicious activities, especially for business owners or those who handle large sums of money.
Another way scammers are using AI is by creating fake websites and online activity. In the past, internet popularity was an indication of relevance and profitability. However, with the rise of AI, it has become possible to manipulate online engagement through the use of bots and fake accounts. This has led to a phenomenon known as the "dead internet theory," which suggests that much of the online activity we see is not from real humans but from bots.
As AI continues to evolve, the possibility of a bot-controlled internet becomes more and more plausible. This poses a risk for individuals and businesses who may fall prey to scammers operating under the guise of a legitimate online presence. To stay safe, it's important to thoroughly research and cross-check the details of any business or person you are considering transferring money to. Look for things like physical addresses, registration numbers, and privacy policies to ensure the legitimacy of the entity.
In conclusion, while AI has the potential to bring about incredible advancements, it's crucial to remain vigilant and take precautions against those who may use it for fraudulent purposes. By staying aware and utilizing tools to verify identities and detect fake activity, we can protect ourselves from falling victim to AI-driven schemes.
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[Generative AI is experimental.]
