Artificial intelligence (AI) is transforming many industries, including healthcare and finance. Like any technological advancement, AI also has new risks and vulnerabilities, especially in security. Another worrying development is the increased use of AI in scams. Such elaborate frauds utilize AI to defraud, resulting in money losses & security breaches.

This blog aims to discuss five typical AI-based scams happening in India & basic protective measures.

1. What Are DeepFake Scams?

DeepFakes refer to audio or video forgeries developed using AI, replicates a lookalike & sound-alike of actual people. Cybercriminals use DeepFakes to impersonate trusted individuals for financial scams and data theft.

Real-World Example

In 2019, an energy firm based in the UK lost £220,000 to scammers who used AI to make the company’s chief executive’s voice. The impersonated CEO asked an employee to send €220,000 to a specified fraudulent account. This case shows the risks of DeepFake technology.

In India , some famous actor & actresses have been impersonated , which made headlines.

How to Stay Safe from DeepFakes?

Verify Requests. Always verify requests for financial transactions or sensitive information through secondary communication channels.

Educate Employees. Include training sessions to educate learners about DeepFake technology and its consequences periodically.

Use Authentication Tools. Ensure that only individuals with proper identification are allowed to make such requests through measures such as MFA.

2. What Are AI-Generated Phishing Emails?

Phishing via AI writes emails with natural language processing to make the message look original and specific to the recipient. Such emails usually resemble the writing style of the recipient or a specific organization, making it challenging to uncover that they are fake.

Real-World Example

In India, many companies have stated that they have been targeted by phishing emails created by AI and seemingly originating from reliable business contacts. These emails usually contain links or attached files that are crafted to capture the user’s login information or corrupt their system with malware.

How to Stay Safe from AI-Generated Phishing Emails?

Check Email Details. Never ignore the sender’s email address when the message has suspicious links or requests.

Install Security Software. Implementing high-level email security solutions help to filter out and prevent phishing attacks.

Report Suspicious Emails. Ask employees to forward any suspicious emails to the relevant section in the company, i.e. IT.

3. What Are AI-Powered Social Engineering Attacks?

Social engineering attacks involve deceiving the recipients into providing information. In scammers’ cases, the employment of AI means can help analyse massive amounts of data on the targeted individuals’ activity on social media and other platforms to gather intimate details that will make the scams more believable.

Real-World Example

There was a case in 2020 where an Indian startup fell victim to a social engineering attack whereby fake AI accounts were used to collect information of top executives in the company from social media. The attackers then took on the identities of these executives and were able to trick other employees into divulging even more information.

How to Stay Safe from AI-Powered Social Engineering Attacks?

Limit Information Sharing. Protect personal and professional data disclosed in social media and other public forums.

Verify Identities. When someone claims to need personal or business information, always confirm their identity if the request seems out of the ordinary.

Implementing Security Protocols. Implementing strict guidelines for how and when information is shared and make sure all your employees are aware of them.

4 . What Are AI-Driven Investment Scams?

AI-manipulated investment fraud comprises the use of AI algorithms to develop fake investment platforms or schemes. Such platforms usually claim to yield high returns with little to no risks involved, hence baiting the victims into depositing large sums of money.

Real-World Example

In recent years, several such cases have been reported in India where, through the help of AI, individuals were duped into investing money in what they were told would yield high returns in the form of cryptocurrency. These fraudsters employed AI algorithms in concealing their platforms and manipulating market data to mimic authenticity.

How to Stay Safe from AI-Driven Investment Scams?

Research Thoroughly. One must conduct their own research before investing in any platform or scheme. Try to find more reviews or feedback from the more reliable sources.

Verify Legitimacy. Ensure that the investment platform operates under a license from a recognized financial body.

Be Sceptical. Investors should avoid getting enticed by any investment with high returns & low or almost zero risks.

5. What Are AI-Based Job Offer Scams?

AI-based job offer scams employ AI techniques to forge job openings and interact with candidates. Some of these scams may demand the victims pay an initial amount for application costs, training, or anything.

Real-World Example

In the wake of COVID-19, several people in India claimed to have fallen prey to fake employment offers from fraudsters claiming to be genuine firms. The scammers employed AI to create realistic job postings and emails, which the victims paid for fake jobs.

How to Stay Safe from AI-Based Job Offer Scams?

Verify Job Listings. To avoid fake employment offers, always consult the authenticity of the listed job offers through the official website of the company or the official email from their HR department.

Avoid Upfront Fees. Beware of employment opportunities that demand some form of payment before you get a job or start work.

Check for Red Flags. Identify markers like grammatical errors in emails, no phone numbers or email addresses.

Conclusion

It is important for individuals & organizations be aware of AI-generated scams to avoid falling prey to them. Having strong security in place, training people, and being cautious can go a long way toward preventing such schemes from ensnaring your company.

Secure Network Solutions (SNS) has been providing the customers the best cybersecurity services for the last 23 years. We provide comprehensive cybersecurity solutions – design, implementation, support, as well as providing awareness training for employees and management both.

Contact us at [email protected] to discuss your cyber security needs.

Swathi
Author

Working IT professional and a Cyber Security enthusiast. Passionate to write about Cyber Security topics and Solutions. I share my insights as I study articles and trending topics in the field of Cyber Security.