The article further explains that fraudsters are using AI to outsmart fraud-prevention specialists and tech companies that verify consumer identities. These criminals range from lone wolves to sophisticated groups with multi-layered organizational structures and highly technical members. The article concludes by suggesting that it will take AI to catch AI, and provides tips to protect oneself against AI-enabled scams, such as enabling multi-factor authentication, being private on social media, screening calls, creating passphrases, and asking random questions to throw off potential scammers.
Key takeaways:
- Generative AI is increasingly being used by fraudsters to create convincing scams, including flawless text messages, voice cloning, and video manipulation.
- These AI-powered scams are threatening even state-of-the-art fraud-prevention measures such as voice authentication and liveness checks.
- Consumers reported losing $8.8 billion to fraud in 2022, up more than 40% from 2021, with the biggest losses coming from investment scams and imposter scams.
- Fraud-prevention companies are trying to innovate rapidly to keep up with these AI-enabled scams, looking at new types of data to spot bad actors and using AI to catch AI.