AI Is Helping Scammers Impersonate Our Loved Ones -- and Steal Thousands From Us

There has been a lot of talk about AI lately. While this technology can offer benefits, people can use it to do harm and steal from others. Unfortunately, scammers are using AI to impersonate others to steal money. You may fall for a financial scam if you're not careful.

AI is being used to clone voices to make scam calls 

In recent years, it's been common for scammers to hack online messaging apps and pose as family members or friends to ask for financial help. Often, these text messages have grammatical and spelling errors or include wording that the person messaging wouldn't use, making it easier to detect that it's not someone you know asking for money. 

But scams are evolving, and thieves are utilizing technology to improve their craft. Fraudsters are using AI to mimic the voices of others and are calling people pretending to be family members or friends in need of financial assistance. They may say they need bail money or are in another urgent situation that requires money. 

Since many of us post videos and share voice clips online regularly, it's easy for thieves to access voices and then clone them. All a scammer needs is a short audio clip of someone's voice to clone it, and they can then create fake messages that sound very believable. 

Be wary of phone calls from loved ones in need of cash

When you get an unexpected phone call from a loved one in distress, you should be aware that it's possible that the voice on the other line is not who you think it is and is potentially a scammer. The voice may sound convincing, so it's easy to fall victim to this scheme. 

According to the Federal Trade Commission (FTC), imposter scams like this are becoming more popular. In fact, 2.4 million fraud reports were made in 2022, and consumers reported losing nearly $8.8 billion. The type of fraud most commonly reported last year was imposter scams. 

What can you do to protect yourself? Act with extra caution. The FTC suggests that consumers not continue interacting with the person on the other line if they receive a call like this. Instead, they should hang up and call the person directly to verify the story. 

Other ways to protect your money from scammers 

With the increase in financial scams like imposter phone calls, take extra steps to protect the funds in your checking account. Here are a few tips to stay safe: 

• Verify the source of the call. If you get a phone call from someone and you're told you need to send money, be wary. Hang up and call the person or company directly to make sure you're not being taken advantage of by a scammer. 
• Never share personal information with others. If someone contacts you by email, text message, or phone and asks you to provide personal information like financial account details, passwords, or PINs, they're likely trying to scam you. Never give away these private details to others. 
• Avoid clicking links. Many scammers include phishing links in their messages. The link may appear legit, but it could be a phishing link used to steal your information. Avoid clicking on links sent to you by people you don't know well. 
• Create strong passwords. When creating new passwords, make sure they're unique. If you choose a simple or easy-to-guess password, it'll be easier for you to get hacked. It's also a good idea to update your passwords every so often.

Scammers will continue to seek new ways to trick unsuspecting people into parting ways with their money. But you can keep your money safe by being alert and taking extra precautions. For additional money management tips, check out our personal finance resources.