AI Scams Projected to Surge by 2027

Don’t succumb to pressure through email, video, or over the phone. If you’re feeling like you must act quickly, stop. It’s probably a scam.

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According to the Deloitte Center for Financial Services, artificial intelligence (AI) scam losses could reach $40 billion in the United States by 2027. That’s an increase of 32 percent over 2023’s $12.3 billion losses. Scammers use AI to create images, write messages, clone voices, and generate videos to trick unsuspecting victims into giving up their money.

Think you’re immune? Not necessarily. Scammers have ways to make you fear for your loved ones, take part in get-rich schemes, and obtain your personal information. But forewarned is forearmed. Here are the most prevalent AI scams to watch out for.

Voice Cloning Your Loved Ones or Celebrities

One of the trickiest scams is voice cloning your loved one. Scammers find a video of a friend or family member and clone their voice. The video could be on social media or even YouTube.

Once they’ve cloned the voice, they call you and tell you that your loved one is in trouble using the cloned voice.

One person who was nearly a victim received a phone call from her teenage grandson; the voice was identical, and he was in trouble. He told her he had a car accident in another state and was being arrested. He was upset, and he thought he was hurt. The woman said the boy sounded panicked, and she panicked as well.

But amid her panic, and before she called the number he gave her to give her credit card number for the bail, she decided to call her daughter to tell her what was happening. The daughter told her the boy was sitting across from her. The scam had almost worked.

Scammers bank on you, panicking that your loved one is in trouble, and, of course, you want to help.

You can avoid this by hanging up and calling your loved one or relative back on their phone. Remember never to trust the caller ID; it can also be faked. Another method is for you and your family to have a code word that is only used in emergencies.

Celebrity voice scammers often use robocalls. You’ll receive a call with a cloned recording of a well-known celebrity asking you to donate to their charity. They may ask for your credit card or bank information and steal your money.

Deepfake Video Scams

Deepfake are AI-generated videos that have fake people or simulated real people. These videos can be convincing, especially if they’re combined with cloned voices.

Deloitte tells the tale of an employee on a video call with her chief financial officer and other colleagues. The CFO asked her to send $25 million to an account, which she did. But it was a deepfake. The real CFO and colleagues were never on the call, and the money went to scammers.

If you’re on a video call, always follow up before acting on anything that requires a financial transaction. This includes family members.

Phishing Emails Enhanced With AI

Phishing emails are sent to convince you to download malware or share personal information. They may try to trick you into sharing information such as a Social Security number, financial information, usernames, and passwords.

These fraudsters will disguise or “spoof” their email. That means they’ll make it appear like it’s from a relative or even a government entity.

There’s a scam going around now involving emails that appear to be from the Social Security Administration (SSA). Don’t click any link or give any information. If the email says there’s information you need to know or they need information, log into the “my Social Security“ account on the official website to check.

The SSA will never ask you for information, such as a password or Social Security number. And they use registered mail to contact recipients.

AI-Generated Images

Scammers use AI to create images to enhance their scams. They’ll use these images as part of an advertisement or post on social media and link to phony websites. There, they’ll try to sell you something or convince you to hand over your personal information.

But some hardcore criminals use images of people from social media and put them in explicit positions. They then extort the victims to make the pictures go away.

Websites Generated by AI

AI can generate websites, and then scammers send the links to you. This can be done via email or by posting links on social media.

Fake online stores may have a popular item at a deep discount to lure you into giving your credit card information. You may receive the item, but the scammer will use your credit card to buy other items, leaving you with the bill.

Protect Yourself From AI Scams

Don’t succumb to pressure. If you’re feeling like you must act quickly, stop. It’s probably a scam. Scammers like to create a sense of urgency in their victims.

If someone claims to be from a company or government entity, stop the conversation and hang up. Then, call the company or government agency from a number you have to verify the original caller. The same goes for email; you should just assume it’s a scam.

Never click on links in an email that is sent to you. And if you do pay someone, use reversible payments. That means use a credit card where the issuer will reimburse you if you dispute it. Don’t send cash, crypto, or gift cards.

Scammers are out there; ensure you protect yourself by being aware when people contact you to ask for information or money.

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