Why You Need to Be Even More Vigilant for Fraud in the Age of AI

Artificial intelligence opens the door to innovation, but also to fraudsters. Because of AI, nothing is what it seems. What measures can you take to safeguard yourself?

Early Monday morning. don't feel like making that video call with your boss, client or aunt? Then you simply have your avatar appear on the call : a lifelike digital clone that not only looks like you, but also talks like you. Without anyone knowing anything, your avatar conducts the conversation on your behalf. It responds with your voice, intonation and even your typical filler words. And all this while you are still happily asleep. As soon as the call is over, your AI agent sends a report of the conversation to your mailbox. You can read it later at your leisure over breakfast. But first, let's hit the snooze button ...

Five years ago, that still seemed like a scenario from a science fiction movie. Today, it is perfectly possible, without having to be a computer nerd. Photos, videos, books, theses, operas and a digital clone of yourself: with the help of generative AI, you can now create anything. On a simple computer, and with a small budget.

AI comes with many opportunities . But also with challenges. Because unfortunately, fraudsters are using the same technology to try to trick you. From fake offers and automatically generated messages to hyper-realistic videos: AI makes it easier than ever for scammers to strike.

How do fraudsters use AI to operate?

AI allows scammers to become increasingly sophisticated. Here are some examples:

1. Fake web shops and products

Fake webstores use AI tools like Midjourney to generate perfect images of products that don’t actually exist. Customers pay for a product, but either receive nothing at all or a similar product of inferior quality.

2. Deepfakes and voice clones

Fraudsters are using AI to create hyper-realistic videos and voices. For example, one fraudster managed to put a digitally cloned CFO of a large company on a video call , along with other cloned managers. An unsuspecting employee present in the video call was successfully convinced to pay a “$25 million invoice.” Closer to home, deepfakes are no exception, with scammers using familiar and less familiar faces to scam people.

3. AI-driven phishing

The days of phishing emails in broken English are long gone. With the help of AI, scammers write convincing phishing emails or messages that are completely tailored to the victim. One year after the launch of ChatGPT, the number of phishing emails had already increased by 1,265% . Thanks to AI, they can effortlessly imitate the tone and style of the person or organization they want to imitate. This sometimes even misleads seasoned internet users.

4. Fraudulent identities

AI enables fraudsters to create convincing fake identities complete with photos and personal stories. They gain trust through social media or chats, in order to entice victims to share sensitive information. Dating sites are also an attractive target: tools such as LoveGPT helps fraudsters to mislead people on these sites.

5. AI chatbots

Fraudsters use AI chatbots to conduct believable conversations. These bots can manipulate emotions and pose as real people, persuading victims to share personal information or money.

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Why AI-driven fraud is more dangerous

AI tools have not only become accessible, but also user-friendly . This makes it easy for even less tech-savvy fraudsters to set up sophisticated scams. Another factor is the scalability of AI fraud. Where traditional scams required time and effort to trick one person at a time, AI tools can automate this process . Think of thousands of phishing emails that are automatically personalized, or chatbots that have dozens of conversations with victims at once. Fraudsters no longer need to use computer, or mobile to scam someone. In addition, the psychological impact of AI plays a major role. People often rely on images or voices to judge authenticity. Deepfakes and voice clones exploit these instinctive responses. When a video or voice seems authentic, people assume it is. As a result, even well-informed and vigilant people fall prey to these techniques.

Finally, there is the factor of social manipulation. AI makes it possible to approach victims in a way that is completely tailored to their personal situation. Whether it is a false job application, a love affair or a business transaction, the precision with which AI fraudsters can approach their victims significantly increases the chance of success. With the constant evolution of AI, fraud techniques will also continue to change. This means that we must prepare for new and different forms of scams that are even more sophisticated and convincing.

How do you protect yourself?

1. Be alert for suspicious signals

Double-check identities: Do you receive an unexpected message, phone call or video call from someone you know? Or does the conversation turn into money or personal information? Check via another channel whether that person actually contacted you.

Analyze offers: Be wary of deals that seem too good to be true.

2. Secure your online accounts

Use strong passwords: Use unique passwords for each account. A password manager can help you manage them securely.

Two-factor authentication (2FA): Add an extra layer of security to your accounts, such as an SMS code or authenticator app.

Keep personal information to yourself: Share as few details about your life online and on social media as possible. The less fraudsters know about you, the harder it is to approach you.

3. Beware of phishing

Check senders: Look closely at the email address or phone number. Official agencies never ask for sensitive information via email or text message.

Don't just click on links: Hover over a link to see the full URL. Be extra careful with unknown or illogical domain names.

4. Use technology against technology

AI detection tools: While not foolproof, some platforms and apps can spot deepfakes and suspicious online activity. Consider using tools specifically designed to analyze AI-generated content.

Spam filters and antivirus software: Update these regularly to stay protected against phishing and malware.

5. Check financial transactions

Set limits: Limit the amounts you can transfer at once from your bank account. This can limit the damage in case of fraud.

Use secure payment methods: Pay with credit cards instead, as they often provide an extra layer of protection against fraud.

6. Be careful with AI tools

Only use trusted platforms: If you use AI tools yourself, make sure they come from reputable developers.

Read the privacy policy : Check how the tool handles your data. Avoid uploading sensitive information to unknown AI systems.

7. Be alert when purchasing online

Check company information : Check if name, address and company number are clearly stated on the website. Is this information missing? This could indicate fraud .

Look for reviews on external platforms : Don’t just rely on the reviews on the website itself. Check platforms like Trustpilot.

Safe online with Keytrade Bank

At Keytrade Bank, we make security a top priority. Personal bank details left on a suspicious website? Personal details given to an unknown person by phone? An unknown payment that you did not enter yourself? Call us 24/7 on + 32 2 679 90 00.