What is AI fraud?
AI fraud is the use of artificial intelligence to deceive or defraud individuals or organizations. When using AI to pull off a scam, fraudsters use algorithms to create convincing fake identities, manipulate social media, generate realistic fake images and videos ("deepfakes") and more.
Scammers create fake social media profiles and email addresses using bogus identities and footage. Often, they'll pretend to be celebrities soliciting money and information. Similarly, they may create fake websites or emails that appear to be from legitimate sources - such as financial institutions or government agencies - and that ask people to provide personal information or login credentials.
AI fraud is especially dangerous because its sophistication makes it difficult to detect. Scammers appear to be legitimate, increasing the likelihood that people will fall for their scams.
AI fraud comes in several forms, including:
- Phishing
- ID theft
- Deepfakes
- Fake news
- Social media manipulation
- Chatbot scams
- Fraudulent financial advice
Red flags
Are you being targeted by AI fraud? Look out for these red flags:
- Multiple unsolicited emails and/or text messages
- Being asked to provide personal info or login credentials by an unverified contact
- Unusual and/or unexplained activity on your social media accounts
- Receiving financial advice that seems too good to be true
If you notice any of these, it's important to investigate. If the contact claims to represent a government agency or financial institution, do not engage. Reach out to the agency that supposedly contacted you to see if the communication is legit.
Protect yourself
Keep your money and information secure by following these precautions at all times:
- Never share sensitive info with an unverified contact
- Check the URL of each landing page when banking online or using another platform to share sensitive information
- Use strong, unique passwords across all of your accounts
- Keep your device's security on its strongest setting
- Use updated antivirus software on your personal devices
If you've been targeted
- First, contact Market USA through our Secure Contact Form or call 301-586-3400 to let us know your information has been compromised.
- Reach out to your credit card companies to let them know about the fraud.
- Next, report the fraud to the FTC so they can take appropriate measures in catching the humans behind the bot-generated scam.
- You'll also want to change your passwords and consider a credit freeze. Finally, if your identity has been stolen, reach out to identitytheft.gov to learn your next steps.
Market USA Federal Credit Union is a full-service financial institution with locations in Maryland and South Carolina as well as nationwide locations through the Shared Branch Network.