Artificial intelligence (AI) is everywhere. And, as much as it’s changing the world in cool ways like music, art, gaming and technological advancements, scammers are using it too, to attempt to defraud you
“Fraudsters are becoming more sophisticated, and scams aren’t that obvious to spot anymore,” warns Ettienne Fourie, FNB Retail’s fraud head. “Criminals now use AI in surprising ways. For example, they create deepfake videos of public figures and celebs promoting fake investment platforms, tricking people into handing over their personal and banking information and/or transferring funds into unknown accounts.”
Voice clones and persuasive social engineering phishing emails are just some of the additional ways in which scammers trick people into giving up their personal information.
“Fraudsters also use bots as part of their social engineering attempts, which automates the phishing attempts. These attempts are aimed at tricking customers into compromising their sensitive information like card numbers, PINs and Card Verification Values (CVV),” Fourie adds.
Luckily, financial institutions are also increasingly using the power of AI to detect fraud and protect their customers. That said, Fourie offers advice for how uses can protect themselves:
- Think before you click: If you get an email or direct message containing links, avoid clicking through such messages because they may include harmful malware or redirect you to malicious websites or might even request you to download Apps on your mobile device that will be used to defraud you. Banks will never ask you to click on links or to download attachments.
- Don’t just rely on your eyes or ears: Deepfakes and voice clones can mimic anyone – from celebrities to your loved ones. If something feels off, verify the request using a known contact method, not the one provided in the message. Similarly, if you get a call from your someone claiming to be from a fraud department, end the call and contact your bank’s fraud line. People who claim to be phoning from the bank might not actually be from the bank.
- Protect your personal information: Think twice before sharing personal details or identifiable information, including information such as your location or travel plans. Be sensitive in terms of what you share online or on social media. Fraudsters will use any information at their disposal to gather data and craft targeted attacks.
- Enable two-factor authentication (2FA): 2FA adds an extra layer of security by requiring a second verification step, which is often transmitted to your mobile device or through trusted apps like FNB’s. Remember also to keep your phone software and apps up to date – updates often fix security holes.
- Don’t store those passwords. Don’t store passwords on your mobile device, internet browsers or in the cloud. If someone gets access to your device and the stored passwords, they might get access to your banking profile.
- Stay cool under pressure: Scammers thrive on panic and urgency. If you’re pressured to act fast, stop and reassess. Never share OTPs, PINs, or passwords and guard your personal information like a hawk. It’s safer to end such communication and contact your financial institution right away.