Protect Your Investments From Generative AI Fraud

Artificial intelligence (AI) has given fraudsters more ways to steal your assets. Here’s what to know about these scams, and how to protect your money. 

Voices You Recognize

With just three seconds of audio content — which many people have posted publicly on social media accounts — scammers can use AI to create a realistic-sounding imitation. They could use these voices to make a recording that seems like a loved one is in danger or has serious financial problems. Consider creating a special word with family members to validate that it’s really you in the scenario a scammer would try to do this.  

Emails That Seem Authentic 

You’ve probably known for a long time that there’s no overseas prince who needs your help moving money. But AI could dig through your social media history and create a personalized email you’re more likely to think is real. You might believe the links included in this type of email are legitimate and click on them. To avoid this, never click on links in an email that you don’t know the sender or are familiar with. 

Substitute Selfies 

To create an account at some websites, including ID.me, which is linked with many government, employment and healthcare websites, you need to take a photo or video selfie. Scammers can take photos of you from social media or other websites and use them to create realistic photos or videos to steal your identity. 

Fake IDs

Fake IDs aren’t just for young people trying get into bars and clubs anymore. AI can create realistic-looking documents that scammers could use to open accounts. Be diligent about communications regarding new accounts in your name.  

How to Protect Yourself from Generative AI Scams

AI is improving so quickly that it’s hard to stay on top of the sneaky ways scammers could use it. In general, it’s smart to be suspicious of any communication that involves your investments, savings or a request for money. 

• Don’t provide any information or click on any links in emails, texts or social media messages that seem to be from companies you do business with. Go directly to that company’s website to verify that the request is legit.
• Don’t give any personal information to someone who calls you, even if your caller ID displays the name of the company. Call them yourself from a number you find on a billing statement.

You’ll also want to keep your accounts as safe as you can. These steps can help: 

• Be careful about what you share publicly, especially photos and videos. Consider changing your social media settings so only friends can view your content and only accept friend requests from people you know.
• Put a digital watermark on your online photos and videos so they’re more traceable.
• Follow the news about how generative AI is evolving so you’re more aware of ways it might be used in investment scams.
• Use strong passwords. It can help to use a password manager to generate and track them.
• Add two-factor authentication (2FA) to your accounts whenever it’s an option. That means when you go to log in to your account, you need to enter a code sent via text or authenticate the request through an app.
• Use fingerprints or facial scans for ID when possible. They aren’t foolproof, but they’re harder for scammers to duplicate.
• Look over your accounts for suspicious transactions or logins. 
• Check your credit report regularly. You can check your credit report from each of the three main credit bureaus once a week for free.

Connect With an Investment Pro

At Farm Bureau, we can help you make sure your investments are working for you, including steps you can take to avoid investment fraud. Reach out today to learn more ways to keep your money safe.