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Criminals are using Artificial Intelligence to steal our money, first appeared on Grocott’s.
By Ross Marriner
Being financially successful is not only about growing your wealth but also about keeping it. Retaining your wealth is becoming harder than ever, as criminals are using increasingly sophisticated methods to try to extract money from you. Some are using artificial intelligence systems designed to produce text, audio, and even video footage that can fool not only individual victims but also systems that have been developed to identify viruses and scams.
We recently received queries from individuals who came across social media postings. In these clips, well-known entrepreneurs Elon Musk and Johan Rupert appeared to endorse a new trading app. This wonder product promised to turn relatively small one-time investments into huge amounts of income per month using Artificial Intelligence. The footage looked genuine, but it was completely computer-generated. It has been reported that many unsuspecting individuals have fallen for this scam and subsequently lost a lot of their hard-earned cash in the process.
The threat of falling for financial scams appears to be greater than ever before. Now that programmes can clone voices, images and writing styles, it is not just older people who are being targeted. Criminals are using Artificial Intelligence to create increasingly sophisticated emails and messages that can fool even the most tech-savvy people. These scams often appear to originate from trusted organisations such as banks, SARS or government agencies and can be very difficult to detect.
A common scam is for you to receive an email that appears to be from your bank or SARS. The email will ask you to update your account details by clicking on a link. The website may look real, but it is a fake site designed to steal your personal information including your login details.
Another common scam is technical support. Here, scammers pretend to offer help with computer issues, such as Microsoft upgrades. They will try to trick you with pop-ups, phone calls, or emails to get access to your devices or make you pay for unnecessary services. Your computer may display a message indicating the existence of a virus and instructing you to call a toll-free number for assistance immediately. This is a scam. Legitimate technology support companies will never contact you out of the blue.
Protecting yourself from Artificial intelligence-driven fraud requires a combination of awareness, caution and education. Always be on the lookout for unexpected requests for personal information, urgent requests for payments or device access, like emails, calls, or pop-ups.
It is important to independently verify the credentials of individuals or organisations that contact you. Instead of relying on the information provided by the caller or the content of an email, rather use official contact information from trusted sources to reach out and confirm the authenticity of the communication.
Finally, always ensure that your antivirus software is up-to-date and back up your data regularly. Education, sound judgment and a healthy dose of scepticism are our best defences against becoming a victim of cyber theft. If an opportunity sounds too good to be true, it usually is!
Rands and Sense is a monthly column written by
Ross Marriner, a CERTIFIED FINANCIAL PLANNER® with PSG Wealth.
His Financial Planning Office number is 046 622 2891
