AI is supercharging money scams. Here’s how to protect yourself from fraud
The phone rings , and it’s your grandson’s shaken voice. There’s been an accident, he says, and he needs money before anyone finds out. Except it isn’t him. It’s software that learned his voice from a clip posted online, run by a stranger working through a list of phone numbers. For years, warnings about artificial intelligence and cybersecurity have focused on corporate networks and government…
A phone call from a seemingly distressed grandson has become a common scam tactic, preying on the urgency and emotional vulnerability of victims. Artificial intelligence has made these cons easier to execute, allowing fraudsters to clone voices and create convincing video deepfakes. Investment fraud and losses among older Americans over 60 have seen significant increases, with AI contributing to up to $40 billion in annual fraud losses by 2027.
Fraudsters exploit fear and urgency, impersonating authority figures, and using slick communication to bypass trust defenses. To protect yourself and loved ones, verify suspicious calls by calling a known number, implement two-person sign-offs for large transfers, and enable two-factor authentication on financial accounts. Stay vigilant, communicate with older family members, and consider freezing credit to prevent identity theft.
Written by urgent.news from Fast Company's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
