How AI is Changing Fraud: Protect Yourself in a Smarter, Digital World
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Imagine receiving a call from your bank, but it’s not real—it’s a scammer using advanced AI technology to fake the conversation. As artificial intelligence becomes more integrated into daily life, scammers are evolving too, using AI-driven fraud to carry out sophisticated scams. At First National Bank of America, we’re committed to helping you stay safe in the digital world. Keep reading to learn about the latest bank fraud protection strategies and how AI is transforming fraud prevention, giving you the tools to protect your financial security.
Deepfake Technology: A Growing Fraud Threat
One of the most astonishing methods scammers use today is deepfake technology—AI-generated videos or voice recordings that impersonate trusted individuals. These can range from your bank representative to even a family member. These scams are incredibly convincing, making it essential to always verify any unexpected calls or emails. If the person on the other end of the phone is really who they say they are, they won’t be offended if you tell them that you will call them back in just a second. This will give you the opportunity to dial the phone number you know to be the correct phone number to connect with the person on your terms and allows you to verify the call is legitimate, saving you from falling victim to a deepfake scam.
Quick Tip: If something feels suspicious, verify before you act. Fraudsters are masters at making scams seem real.
How to Spot and Prevent Synthetic Identity Theft
Synthetic identity theft is another growing concern. Scammers blend real information, like your Social Security number, with fake names and addresses to create new, fraudulent identities. This method makes it easier for them to open accounts or apply for loans in your name. To protect yourself:
- Regularly check your credit report for any unfamiliar accounts.
- Use credit monitoring services for real-time alerts about suspicious activity.
- Contact credit reporting agencies if you detect unusual activity.
- Lock/freeze your credit reports with all 3 credit reporting agencies.
Pro Tip: Government resources like the Federal Trade Commission’s (FTC) Fraud Prevention page are excellent tools for learning more about synthetic identity theft and other forms of fraud protection.
Essential Strategies to Combat AI Fraud
With AI automation, scammers can operate at a massive scale. They can create thousands of fake accounts or execute fraudulent transactions in minutes. To combat this, enabling two-factor
authentication (2FA) is essential. This adds an extra layer of security to your accounts by requiring a second form of verification beyond just your password.
Quick Tip: Two-factor authentication is one of the most effective ways to safeguard your accounts from unauthorized access.
Key Fraud Prevention Tips
To stay ahead of AI fraud, here are essential steps to protect your financial accounts:
- Verify Before You Act: Use trusted sources like an official website to help you verify the legitimacy of anyone contacting you with personal/confidential information.
- Monitor Your Credit: Regularly check your credit report for unfamiliar accounts.
- Enable Two-Factor Authentication: Use two-factor authentication to protect your online accounts.
- Use Credit Monitoring Services: Sign up for credit monitoring services for real-time alerts on suspicious activity.
FAQs About AI Fraud
- What is AI fraud?
AI fraud occurs when scammers use artificial intelligence to impersonate real people, automate fraudulent transactions, or create fake identities. - How can I protect myself from deepfake scams?
Always verify the identity of the person contacting you by calling back using a trusted number or reaching out through official channels. - What is synthetic identity theft?
Synthetic identity theft involves blending real and fake personal information to create new identities that scammers use to commit fraud. - Why is two-factor authentication important?
Two-factor authentication adds an extra layer of security by requiring both a password and a secondary verification, making it harder for scammers to access your accounts.
Want to learn more about protecting yourself from AI fraud?
Visit our website at www.fnba.com/blog for more tips on fraud prevention, financial security, and keeping your accounts safe in today’s digital landscape.
For more helpful information on protecting yourself from fraud, check out these articles:
How to Stay Safe from Online Shopping Scams: A Guide to Protecting Yourself
How to Spot and Avoid Gift Card Scams: Essential Tips for Avoiding Fraud
