5 Tips To Keep Your Money Safe From New AI Scams
Written by
Cynthia Measom
Edited by
Rebekah Evans
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Lindsay Sacknoff, head of consumer banking at Ally, said artificial intelligence (AI) has made it far easier for criminals to design convincing scams and spread them faster than ever before.
“With AI, gone are the days of obvious misspellings from conspicuous email addresses that trigger immediate red flags,” she explained. “Scammers can now automate attacks across multiple targets and channels, create highly personal messages rather than generic spam and build websites and content that look legitimate.”
Here are top tips to keep your money safe from sophisticated AI scams.
The Most Common AI Scams Today
Sacknoff explained that the rapid advancement of AI technology has made it easier for scammers to create more convincing scams that are harder to detect. She said that the tools for voice cloning and video generation are becoming more accessible and add to the growing threat of deepfakes and vishing scams.
“Some scenarios to watch out for include unexpected calls from a family member urgently asking for money, video ads from celebrities endorsing a product or an investment or a ‘trusted’ voice requesting you to transfer funds or grant remote access to your device,” she explained.
Two newer AI scams that involve fake websites and impersonation are credential harvesting sites and AI answer engine poisoning, Sacknoff explained. She said that attackers can use generative AI to create near-identical websites that are extremely realistic and cheap to produce at scale.
“These sites can prompt you to enter your credentials and then scammers may call you, posing as your bank, to obtain your one-time password (OTP),” she explained. “This allows them to steal login details and bypass authentication to gain access to your accounts.”
AI answer engine poisoning is a type of cyberattack where scammers intentionally manipulate an AI-powered search engine, causing it to provide incorrect or misleading information, according to Sacknoff. She said that scammers are creating fake bank websites that list false customer support phone numbers, which may then be shown in an online search for your bank’s contact information. She explained this is intended to put you in touch with the scammers directly, rather than with the financial institution you intended. Sacknoff suggested following the below key tips to keep your finances secure.
Watch for Suspicious Requests
Sacknoff said to be wary of urgent requests, unexpected demands for money or personal details or threats or emotional manipulation.
“Remember, trusted institutions will never ask you to perform transactions to protect your funds or keep activities secret from family or designated contacts,” she said. She added that if someone posing as a representative from your bank asks you to do any of these things, you should report the incident to your financial institution immediately.
Verify the Source Before Engaging
Sacknoff advised hanging up or not responding if a call or message appears suspicious. She also said to avoid clicking links you may receive.
“Verify the source by contacting the individual or company directly,” she said. “Having a secret word with family members can also help in situations like vishing scams.”
Consult Official Channels
Sacknoff also said to avoid relying on AI summaries for customer support contact information. Instead, she said to check official websites or refer to the number on the back of your debit/credit card.
Use Strong Security Measures
“Keep devices and accounts secure by using password managers, passkeys and multi-factor authentication,” Sacknoff said. She added that enabling automatic updates can also protect your devices from vulnerabilities.
Sign Up for Financial Account Alerts and Credit Monitoring
Another way to keep your money safe from AI scams is to track your account activity and credit reports, Sacknoff recommended. She said doing so will allow you to take immediate action if any suspicious activity is spotted.
More From GOBankingRates
