Artificial intelligence (AI) is revolutionizing how we live, work, and communicate. From enhancing online experiences to streamlining everyday tasks, AI offers many benefits. However, with these advancements come new risks, especially in fraud. As AI technology evolves, so do fraudsters’ tactics, making scams more convincing and harder to detect.
At Integris Credit Union, we value the well-being and security of our members. That’s why we’re committed to helping you stay informed about the latest threats, including the use of AI in fraud schemes.
The Rise of AI-Driven Fraud in Canada
According to Statistics Canada, fraud cases in Canada nearly doubled over the past decade, rising from 79,000 in 2012 to a staggering 150,000 in 2022. This increase highlights how fraudsters are becoming more sophisticated, using AI technology to enhance their old tricks and deceive unsuspecting individuals.
AI can be used to create highly convincing texts, emails, and messages that mimic the style and language of specific people. It can clone voices, and AI can generate fake images, audio, or even videos of real people in just minutes. With such realistic output, it’s becoming harder to tell what’s genuine from what’s been created by AI. But don’t worry—knowledge is your best defense.
How Fraudsters Use AI
Fraudsters are leveraging AI in several ways to trick people into falling for their scams. Here are some examples:
- Impersonating companies or individuals: Fraudsters can create fake content. This includes emails or videos, that appear to be from a well-known business or individual promoting a product or service.
- Fake investment opportunities: AI-generated messages or videos can promote fraudulent investments that seem legitimate. Often using the likeness of trusted public figures.
- Chatbots for fake reviews: Fraudsters use AI-powered bots to flood websites with fake reviews or comments. They sound like they were written by real people, making scams look trustworthy.
- Voice cloning for telemarketing scams: AI can replicate voices, making fraudulent phone calls sound like they’re coming from someone you know or trust.
Red Flags to Watch Out For
AI-driven fraud can be difficult to spot, but there are some red flags you should always be aware of:
- Realistic but suspicious videos: Be cautious of videos showing public figures promoting products or investment opportunities that seem out of character for them.
- Odd body or lip movements: AI-generated videos may not always perfectly match natural speech patterns or movements.
- Strange phrasing or irrelevant content: Pay attention to inconsistencies in language. AI-generated text can sometimes include awkward phrases or irrelevant information that doesn’t fit.
- Imitation websites: Fraudsters can create websites almost identical to legitimate ones. Always double-check the URL and any details that don’t seem quite right.
- Urgent phone calls or messages: Fraudsters often try to create a sense of urgency, fear, or panic. If you receive an unexpected call or message, especially one that pressures you to act quickly, proceed with caution.
How to Protect Yourself
There are steps you can take to protect yourself and your family from these AI-driven scams:
- Trust your instincts: The saying goes, “If it sounds too good to be true, it probably is.” If something doesn’t feel right, it probably isn’t. Take a moment to step back and assess the situation before acting.
- Verify authenticity: Always check names, logos, and URLs on websites to ensure they match the official company information. If in doubt, reach out to the organization directly through their verified contact information.
- Stay informed: The more you know, the better equipped you are to spot a scam. Please read up on AI and fraud prevention. Share your knowledge with friends and family to help them stay safe.
- Report suspicious activity: If you believe you’ve encountered fraudulent AI-generated content, report it to the Competition Bureau or the Canadian Anti-Fraud Centre.
We’re Here to Help
At Integris Credit Union, your security is our priority. We’re committed to keeping you informed and equipped with the tools you need to protect yourself from fraud. If you ever feel uncertain or believe you’ve encountered a scam, don’t hesitate to reach out to us. We’re here to support you every step of the way.
Stay safe and stay informed! If you have any concerns or need advice on protecting your financial well-being, reach out! Connect with us today by calling our Member Experience Centre at 1-866-554-3456. Together, we can outsmart fraud and keep your financial future secure.
