It seems like AI technology is getting better by the day. Scammers know that and are determined to pull a fast one.
Whether it’s a bogus call from your bank, a fake email from the IRS, or a phony job listing, more people are losing more money than ever before to scammers, a whopping $12.5 billion!
Consumer Reports looks at the scams costing people the most and how you can protect your money and identity.
To reach people beyond the pews, Pastor Alan Beauchamp shares his sermons on social media. But recently, his message was hijacked when his Facebook account got hacked.
Scammers stole one of his videos and used AI technology to try to trick his followers into believing he’s promoting cryptocurrency.
The scammers’ message said: “First of all, I want to assure you my account has not been hacked. I am fully in control of my Facebook account. I believe that crypto trading offers an incredible opportunity for financial growth.”
Beauchamp doesn’t believe anyone fell for this. Still, these types of scams dupe many people.
New data from the Federal Trade Commission shows that consumers reported losing more than $5 billion to investment scams alone.
Scammers use AI technology as a microtargeting tool and to impersonate others through fake voices, photos, and videos. It’s an effective way to personalize messages and convince people to hand over money.
Job scams are also on the rise, costing consumers about $750 million. Fraudsters pose as employers, asking people to pay up front for equipment that never arrives.
Whether it’s an email about a job, a text that appears to be from your bank, or a phone call from the IRS – don’t respond to dubious communications from out of the blue.
Scammers make urgent requests to get you to act now, and don’t fall for it. Hang up and call the bank or IRS yourself.
And never send money or give out passwords and information to someone you don’t know.
Beauchamp eventually regained control of his Facebook account, but only after his U.S. state senator stepped in to draw attention to the issue.
Consumer Reports says one of the best ways to protect yourself is by turning on two-factor authentication, which adds an extra layer of security beyond your password.
Americans also reported losing over $16 million to online shopping scams. Always shop on reputable, secure websites and make sure your browser security settings help block phishing, malware, and malicious ads.