Financial scams are on the rise during the holiday season. Be more careful than ever; fraudsters now use advanced tools, such as AI, to scam unaware shoppers. At the same time, banks are investing heavily in AI-powered security. Scammers, however, are keeping pace with their tech-savvy tactics.
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A study by Social Catfish recognized four major AI-driven scams targeting consumers. Here’s how to avoid falling into their trap:
- Romance Scams
Scam Alert: Scammers use AI face-swapping for realistic video calls.
Tactic: They target lonely people during festive times.
Tip: Use reverse image searches to confirm the person’s identity.
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- Fake Online Stores
Scam Alert: Fraudulent websites mimic trusted retailers.
Tactic: AI chatbots make the sites seem legitimate.
Tip: Be wary of URLs (e.g., a legitimate “Macys.com” vs. a spoofed “Maceys.com”).
- Deepfake Video Scams
Scam Alert: Thieves make videos of celebrities touting fake bargains.
Hint: The audio doesn’t match, and the facial expressions are stuck.
Tip: Be suspicious of promotion videos with unnatural elements.
- Investment Scams
Scam Alert: Thieves tout “time-sensitive” holiday investment opportunities.
Hint: They claim to have a sure thing.
Tip: Research thoroughly and speak with a financial advisor.
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Banks encourage consumers to use security features, be updated on new scam tactics, and exercise caution when making online payments. Protect yourself by being vigilant, verifying information, and avoiding deals that seem too good to be true.
