Cybersecurity: "Smart" Fraud
Scammers Tap into Artificial Intelligence
Not all fraudsters are human.
With recent advances in technology, many scams and attempts at fraud are enhanced or channeled through smart technology such as bots and artificial intelligence (AI) software. Protecting yourself generally looks the same, though, whether it’s a human scammer or AI.
Here are common scams that utilize AI and a few preventative steps for protecting your accounts and personal information while you’re online.
SCAMS
Investing is perhaps more accessible than ever, due to the advent of cryptocurrency, micro-investing, and robo-advisors. Exploiting the hype, scam centers build trust with clients through social engineering and falsely promise “expert” advice. By linking your bank account, sending funds, or investing with their firm, you’ve taken the bait.
“Payment declined” is a phrase that’s likely to capture your attention. Using it as a pop-up or on a malicious shopping site, scammers can get consumers to process two or three credit cards and debit cards at a time.
Tech support and online chat messengers have become popular on consumer websites. Fraudsters use the same idea, starting with an unsolicited pop-up or text message that’s been programmed to offer technical support or customer service. If you’ve responded to the chatbot, called the support number, or clicked a malicious link, you’ve just become a potential victim.
Deepfakes are artificial videos or audio recordings that have been digitally altered to replace the recorded person with someone else. Commonly on your social media feed, a website ad, or over the phone, you may be faced with deepfakes being used as:
- Impersonation scams
- Spoofed advertisements
- Celebrity endorsements
- Requests for donations to a phony cause
…and more.
PREVENTION
- Rely on sources you know and trust.
Misinformation is one of the most widespread risks of artificial intelligence. That’s why it’s so important to stay connected with sources you trust, like Visions, when it comes to expert advice. - Verify company information.
Instead of replying directly with a text message or phone call, only use contact information from a secure, trusted website. Using the verified website and contact information, take your time to verify offers like discounts, contests, and paid opportunities. - Never give away your account information.
In the same way that unexpected calls, texts, and offers are red flags, so are requests for your account information or one-time passcode. To be safe, never enter payment information into a pop-up or unsecured website and never share your one-time passcodes. - Don’t let yourself be rushed.
Keep in mind, many spoofed websites have URLs that are similar to actual websites, with just a letter or two difference! When you take your time, you’re more likely to catch misspelled words and other suspicious details.
While some of the same tricks have been around for decades, advances in technology can make them more convincing. Your awareness and prevention efforts can help to keep your accounts safe. If you think you may have compromised your account information, please don’t hesitate to call our Contact Center at 800.242.2120. For more security tips and articles, browse our Security resources.
Additional Resources: Secure Payments and Transaction Alerts
Take advantage of our security features and fraud monitoring for added peace of mind. In many cases, you could reduce risk, loss, or liability with:
- Card Controls in digital banking
- Security alerts and transaction alerts
- Contactless or mobile payments
- Credit card perks such as Visa® Zero Liability Protection
This article first appeared in MoneyMatters Magazine. Click here to continue reading our current publication!
