How To Avoid Sophisticated AI-Powered Banking Scams Targeting Retirees
Written by
Lydia Kibet
Edited by
Rebekah Evans
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Imagine you’re enjoying your afternoon walk when you get a call or email from someone claiming to be from your bank informing you that your account is at risk and that you need to provide access immediately to avoid losing money. The natural reaction is to comply, especially if this account is linked to your retirement benefits. However, after sending help to your family or sending your bank details to the supposed “bank,” you realize you’ve been scammed.
Unfortunately, AI-powered banking apps are on the rise and most scammers target seniors because they’re less conversant with AI. Here’s how to avoid such AI-powered scams.
Stay Informed About Latest Scams
Knowledge is power and is one of the surest ways to protect yourself from AI-powered banking scams. You’re more likely to fall into a trap if you’re not aware that it is one. Keep yourself updated with the latest tactics that scammers use to help you identify scams before they get too far.
Use Strong Passwords
There’s nothing wrong with using your child’s name or birthdate as your password, but it exposes you to higher risks since it’s easy to guess. Even worse, if you use the same password across all your banking apps and social media platforms, a scammer can access the rest once they get access to one.
Setting secure passwords is an excellent way to stay a step ahead of the scammers, even if you’re not conversant with AI. Always ensure your password is a mix of letters, numbers and special characters because such are harder to guess. Also, enable two-factor verification across all platforms to add a layer of security, especially to your finances and personal information.
Monitor Your Accounts Regularly
Are you the kind of person who stays for months or even years before checking your bank account or other investments? If so, you’re more at risk of AI-powered banking scams than someone who checks their accounts daily.
Verify Before Acting
It’s not easy to detect a scam, especially now that AI is advanced. However, it’s wise to verify the information before sharing your banking information.
It’s also worth noting that your bank never asks you for personal information like your PIN, password or login OTP. Anyone who asks for such information is likely a scammer. Plus, financial institutions always communicate with their clients through official means. You can contact them or visit the institution to verify the claim.
Avoid Sharing Your Personal Information
It’s easier for a scammer to target you if they already have your personal information. For instance, say you use your date of birth as your email password. Anyone who knows your date of birth can easily access your email.
It’s crucial to avoid sharing personal details like your full name, bank details, address and signature online, as scammers often use them to steal from you.
Install an Antivirus on Your Devices
Another way to avoid AI scams as a senior is by installing an antivirus on your computer. You don’t need to be tech-savvy to do this. There has been a recent wave of WhatsApp scams. These scams involve people sending you links claiming that you’ll win cash by clicking on them.
However, once you click these links, hackers can access your computer or phone. Antivirus protects you by warning you of suspicious links and email attachments.
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