MARKET NEWS

AI-Powered Scams Are Becoming More Common

By: James Flippin · March 24, 2023 · Reading Time: 3 minutes

Imposter Phone Calls

Artificial intelligence is getting more sophisticated by the day. This tech can be used for all sorts of wonderful things, but, unfortunately, many scammers are misusing tools like ChatGPT to try to scam people out of their money.

In 2022, the most common occurrence of fraud was the “imposter phone scam” which uses synthetic voice generation to mimic a person’s voice. These realistic-sounding phone calls resulted in $11 million stolen last year.

To run the scam, fraudsters use AI voice-generating software to mimic the voice of someone that you know and love. Then, they call and use the fake voice to try and convince you to send money to cover some sort of emergency.

Using ChatGPT

One of the reasons that this scam is so convincing is that fraudsters have started using AI chatbots to create real-time responses.

In the past, these phone scams were typically pre-recorded messages. And, most of the time, the bot’s pre-recorded responses didn’t make sense in the conversation, potentially tipping you off that you were talking to a robot.

These days, scammers are using AI chatbots like ChatGPT to generate surprisingly realistic scripts with adaptive real-time responses. This makes it much more difficult to determine if you’re speaking to a robot — or if your loved one actually needs help.

Avoiding This Scam

The easiest way to avoid this scam is to simply be mindful that it exists. This means having your guard up whenever you get an unexpected phone call, even if it’s from someone that you know well.

Since caller ID can be faked, it’s not necessarily a reliable sign that you’re talking to the right person. When in doubt, tell the person you will call them back, hang up, and then call the number that you have for that contact.

AI is making it harder and harder to determine what’s a scam and what’s real. By being mindful of how AI is being abused, you can protect yourself from falling victim to this trap.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out


Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS23032401

TLS 1.2 Encrypted
Equal Housing Lender