There is a lot of confusion around Artificial Intelligence (AI). This new technology has developed quickly over the past few years, and it can be difficult to know what dangers this technology may pose.

What CAN AI do?

Current AI models draw on a database of existing text, images, or videos to generate something new based on what people have done in the past. It can:

• Generate text based on a prompt
• Create photorealistic images
• Create photorealistic, real-time video overlays (like a video filter)
• Imitate voices

In short, this technology allows scammers to realistically imitate specific individuals – imitations that can be difficult to tell from the real thing. We have seen scammers use this technology in various ways, including:

• Grandparent scams: scammers will imitate the voice of a loved one over the phone
• Romance scams: scammers will generate fake images to convince you that you are speaking with a ‘real’ person
• Deepfakes: scammers will create ‘deepfake’ videos that appear to show a real person. These videos may be used to imitate an authority figure (such as a company executive, a bank manager, or a law enforcement official) during a video conference or other similar communications.

How can you protect yourself?

AI-generated images, sounds, and videos can make it far more difficult to detect fraudulent contact. You can no longer be certain that you are speaking with a person based on the face or voice alone. However, there are steps you can take to protect yourself, including:

• Familiarize yourself with common scams. Scammers follow certain patterns, and once you know how they work you can spot them in the distance. Check out this website for a list of common scams.
• Watch out for unexpected contact. Be cautious any time someone contacts you out of the blue and requests your money or personal/banking information
• Hang up and call back. End the call and call back at a known-good number when you receive an unusual contact. Most organizations will post a contact number on their official website
• Set a family code word. Choose a word and share it with your loved ones. If one of them contacts you in an emergency, you can use this word to verify that it is really them

Keeping these tips in mind will help keep your bank account and your loved ones safe.