Recognizing and Avoiding Common AI Scams - Money Tip Tuesday

Artificial Intelligence, commonly referred to as AI, is becoming more and more prominent in our everyday lives. Unfortunately, AI scams are becoming more common due to this technological advancement. Here are some AI scams to look out for and how you can avoid them.  

Links:

• Additional AI scam education and resources:
  • https://www.experian.com/blogs/ask-experian/what-are-ai-scams/
  • A Safe Word Can Protect against AI Impostor Scams | Scientific American
  • https://reportfraud.ftc.gov/
  • https://www.identitytheft.gov/
• Check out TCU University for more financial education tips and resources! 
• Follow us on Facebook, Instagram and Twitter! 
• Learn more about Triangle Credit Union

Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast.   

AI scams can take many different forms. The first type we'll talk about is voice cloning. AI can take clips of audio from a person and clone their voice. Fraudsters use this clone voice to say whatever they want. They can then use the cloned voice to impersonate the person the voice belongs to and call people. They might be impersonating a celebrity or politician, asking for money to donate to a charity, but the money goes to the fraudsters.   

Fraudsters can get even more personal with AI voice cloning. They can clone the voice of someone you know. It may sound like a friend or relative asking for financial help, but it could also be AI. A good way to protect yourself from scams like this is to create a safe word with friends and family. This safe word is something only you and the other person know. If you get a suspicious-sounding phone call, ask them for the safe word. If they can't answer correctly, you know it's a fraudster.  

The next form of AI scams is deepfakes. Deepfakes are images or videos created by AI that can look and sound like anyone. This can be a very dangerous tool, allowing scammers to impersonate anyone they want. Like the voice clones, scammers can be celebrities or politicians asking to donate money or even someone you know and love asking for money.   

There are some ways to detect a deepfake. Look at the skin of the person. Does it look very polished and smooth? It may be AI-generated then. Does the skin tone of the face match the rest of the body? If it doesn't, the video or image may have been face-swapped. However, there are prompts that scammers can put in to fix this. Look at the shadows and lighting. Is it consistent? Usually in deepfakes, the focus is on the person, not the background. If the background doesn't look real, it probably isn't.  

You can also look at the mouth of the person in the questionable video. Does the audio match up with the lip movements? Do the person's teeth look blurry? These are both ways to see if it is a deepfake or not.  

You can also just use common sense to spot a deepfake. Is this something that the person would be saying or doing? If it's someone you know, reach out to them and ask them about it.  

If you are the victim of an AI scam, here are some things you should do. First, if you paid a scammer, try to get it back. Contact your financial institution and see if they can stop the transaction from going through. Next, secure all your accounts if you think they might be at risk. Reset all passwords and set up a multi-factor authentication if you haven't already. Report the scam to the Federal Trade Commission, or FTC for short. This will allow the FTC to track scam trends, warn others who might be at risk, and charge scammers with their crimes if caught. If you think the AI scam was after stealing your identity, you can also report it to the FTC.  

With the rise of AI, it's more important than ever to be vigilant and always think before sending someone money online. It's also important to educate people who might be less tech-savvy so they don't get scammed.  

If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.     

Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.