With technology growing each day, It can be a challenge trying to keep up with cybercriminals. The development of Artificial Intelligence unintentionally amplified the effectiveness of many cyber threats. Most examples of cyber threats today include phishing and new AI deepfakes. We are teaming up with the American Bankers Association to show you how #banksneveraskthat. This blog will outline common scams, how AI contributes to scams, and how to fight against them.

Phishing

Phishing is the most common example of scams that cybercriminals perform every day. “Phishing” is the attempt to acquire sensitive data, such as bank account numbers, through a fraudulent solicitation, usually where the perpetrator masquerades as a legitimate business or reputable person. Phishing schemes are effective as they can scare people into making irrational decisions. When cybercriminals pose as a legitimate source, they can gain your trust without you even thinking twice.

Different ways scammers try to receive information from victims are through malicious links, malware files, or through email replies. Understanding the signs of a phishing scheme is crucial. Some things to look out for that may indicate a phishing scheme is if a message has many typos, has a sense of urgency tied to a negative effect, has an external link or a file to click, and many more. The point of these scams is to have you give up personal sensitive information by any means.

Some examples include:

“URGENT! Your package was unable to be delivered to reschedule delivery take action or your package will be returned to the sender. https://….”

“We have identified unusual activity on your online banking log in via https://… To secure your account”

“IRS is filing lawsuit against you, for more information call (###)###, Otherwise your arrest warrant will be forwarded to local police department. Failure to comply results in seizure of social security benefits, jailtime, and more. Click here to report an issue https://…..”

 

Always think twice before you click a link or download a file from a source you are not 100% confident in. Be careful of scammers that spoof bank emails or official-sounding email addresses. Banks will NEVER ask you for personal information through an unsecured email or text. If you are unsure if an email is from your Bank, call a branch or email them directly from a website they provide (not a suspicious email).

Artificial intelligence

AI deepfakes have been a growing trend in the digital world. AI deepfakes are a collection of prerecorded voice recordings that use artificial intelligence to reconstruct and form coherent and eerily accurate depictions of conversations. Having ready access to these AI deepfake programs has made more scams involving them show up recently. Phone calls are not safe either. Malicious criminals have been recently targeting people with deepfake AI versions of local government agencies, family members, and more. One thing you can do to prevent these phone scams is to hang up the phone and call directly back. Most of the time, when cybercriminals are using a spoofed number, there is no callback number that they can use. Again, your financial institution will NEVER directly call you asking for your passwords, social security numbers, or any other sensitive information.

Conclusion

The bottom line is that there are scams everywhere. Email, text, phone, online, etc. it is almost impossible to avoid them all. Your personal financial institution will never ask you to disclose personal information through email or text. If any text or email posing as your financial institution asks you to disclose personal information, please call or visit the Bank’s website and notify them. Report any suspicious email or text as fraudulent to help better filter out future scams. With the proper knowledge and precautions, you can stay safe while still enjoying the convenience of modern technology!

Feel free to check out any of our resources from Auburn Savings, come inside and visit a branch and one of our Customer Representatives can assist you. At Auburn Savings, we nurture relationships, foster ambition, and are driven by purpose—you come first. Bank On Us.

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