Protect yourself from AI scams

What is Artificial Intelligence? 

AI is a term for technology applications that perform tasks typically associated with human intelligence, such as learning, reasoning, problem-solving, perception, and decision-making. Some examples of AI include, but are not limited to, autocorrect on your computer or phone, voice typing, customer service chatbots, facial recognition software, photo and video editors, language translators, and more. 

Types of AI Scams 

Scammers may use AI to closely mimic human behavior, such as language use or cultural traits, to add credibility to their scams. It can sometimes be hard to tell what is real and what is not. Some common types of AI scams include:  

• Imposter Deepfakes – Scammers use AI to compile images from many databases to create fake photos or videos that look and sound real. These scams may use images of someone you know or a well-known celebrity or public figure to add credibility to their messages. They may also use voice cloning technology to deliver their message in a familiar voice. 
•  Romance Scams – Similar to deepfakes, they use AI technology to create a “perfect match” fake profile on social media or dating sites. Once you’re hooked, they come asking for money or to invest in an amazing opportunity. Think before you swoon: how to protect your heart and money. 
• Grandparent/Relative: – These scams use AI voice cloning software to make false emergency calls claiming that a grandchild, or other relative, is in trouble and needs immediate financial assistance. To avoid these scams, create a password that only your family members know, so you can verify their identity over the phone or by text. Talk to your grandparents and parents about these types of scams 
• Finfluencers – Social media influencers who push crypto or their own investments on their feeds may be scammers. They typically have no financial advisor certifications but may provide fake credentials on their profile. They may also use AI to create fake followers on their site to make themselves look more legit. Social media finfluencers: who should you trust? 
• Automated Attacks – These scams use AI to develop malware that can bypass antivirus software to steal personal data off your phone or computer, such as login credentials and credit card information. To protect your accounts, experts say to use two-factor authentication and change your passwords monthly, or at least annually. 

 Recognize the Red Flags 

It’s important to know the common red flags of investment scams. These include claims that there are no risks involved, aggressive sales tactics that create a sense of urgency to invest now or miss out, and performance reports that seem way too good to be true.  AI technology is getting more advanced every day, making it difficult to identify. Some additional red flags that are unique to AI scams include: 

• Fake Investment Sites – Companies or trading platforms that claim to use AI to help make money for investors are often scams, especially if they are pushing crypto assets. In some cases, these companies do not use AI, and the trading activity is fake. Your investments appear to grow online, but when you try to cash out your earnings, the scammers disappear with your money. 
• Fake News – Scammers create AI-generated news articles that appear legitimate to back up false claims. It’s based on the theory that if you have repetitive exposure to the same or similar information, you may begin to think it’s true and “buy in” to what is being offered. 
• Fake Accounts – Be cautious of any investment opportunity that is promoted on social media. These may be loaded with fake accounts that mask scam and fraud activity. Be especially wary of any offers that pay commissions to investors to recruit new investors. Before investing, always independently research and verify your source. 

Submit a Complaint 

If you think you have been a victim of an AI scam, or suspect one, submit a complaint or call (866) 275-2677 for assistance.