Artificial intelligence has opened the door to many exciting opportunities, but it has also given fraudsters new tools to trick people into sharing personal or financial information. These scams are becoming more widespread and sophisticated, reaching people of all ages and backgrounds. As AI-generated messages become more convincing, it’s important to understand how these scams work and how to protect yourself.
How Fraudsters Use AI
Scammers are now using AI to create emails, text messages, and even phone calls that closely mimic the tone, voice, or style of someone you know or trust. These tools allow them to make fake communications look more authentic than ever before. A message might sound like a friend, a family member, or even a company or financial institution you do business with. In some cases, AI can generate entire conversations, giving the illusion of legitimacy over several interactions.
The goal is almost always the same: to get you to hand over sensitive information or to move money quickly. For everyday people, that might mean instructions to transfer funds, provide account access, or share Social Security and banking details. Once successful, these scams can be difficult to unwind, making prevention the most important defense.
The Role of Urgency
One of the most common red flags is a sense of urgency. Fraudsters want you to feel pressured; to believe you must act right away or face a serious consequence. This could be an email claiming your account will be locked, a text warning of suspicious activity, or even a phone call that sounds like your advisor or loved one in distress. By creating panic, scammers hope you’ll bypass careful thinking and follow their instructions without pausing to verify.
Think of it this way: urgency is often the biggest clue that something isn’t right. Reputable financial institutions and companies rarely demand immediate action without giving you the chance to verify through official channels. Remember that taking a few minutes to double-check is never a bad idea, and it can make all the difference in protecting your accounts. And if you are ever uncertain, you can always reach out to us to confirm before taking action.
Practical Steps to Stay Safe
The good news is that awareness and caution are powerful defenses. Here are a few steps you can take:
- Pause before responding. If a request feels rushed or unusual, take a moment to stop and think. Even a short pause can help you spot details that don’t add up.
- Verify directly. If you receive a suspicious message, contact the person or company through a trusted phone number or official website, not through the information provided in the message. For example, if your bank emails you about unusual activity, call the number on your official statement instead of using the contact information in the email.
- Be cautious with financial details. Treat unexpected requests for account numbers, Social Security numbers, or login credentials with extra care. Scammers often start with small details and build toward bigger requests.
- Stay updated. Fraud tactics evolve quickly. Reading about the latest scams, whether through your bank’s security alerts or news updates from trusted financial institutions, as well as from our firm, can help you recognize new red flags.
- Trust your instincts. If something feels “off,” it probably is. Don’t ignore that gut reaction.
A Real-World Example
Consider this scenario: You receive a voicemail from someone who sounds just like a family member, claiming they’re in trouble and need money wired immediately. The voice sounds convincing, and the request feels urgent. In reality, it could be an AI-generated deepfake designed to exploit your emotions. Taking a moment to call that family member directly on their usual number can reveal the truth and save you from a costly mistake. Similar tactics could be used to impersonate a financial institution or even a trusted professional, underscoring the importance of verifying any unusual request.
The Bottom Line
Technology will keep evolving, and so will the tactics of scammers. By slowing down, verifying information, and maintaining a healthy level of skepticism, you can protect not only your personal information but also your savings and investments. Staying vigilant today can prevent costly mistakes tomorrow. And by sharing what you learn with friends and family, you can help others stay protected as well. And remember, if you are ever unsure about a request or message, you can always reach out to us directly to confirm before taking action.
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Velekei Giles Financial Advisors is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.