Financial Crime: AI has supercharged online scams: With the holidays coming, here’s what to look out for

by | Dec 9, 2023 | Stock Market

If there was one thing you could usually count on when it came to online scams, it was that misspellings and bad grammar would often be a dead giveaway. Enter AI, and now those tip-offs have disappeared, experts say.

“The quality of fraudulent content has gotten so high that it has become very hard for people to differentiate a real person from a bot,” said Kevin Gosschalk, the founder and chief executive of Arkose Labs, a security consultancy that tracks online scams and technology. The rapid development of artificial intelligence has allowed online fraudsters not only to fine-tune their scams, but to more effectively unleash them broadly, hoping to find someone who will take the bait. Gosschalk said that in the old days, scammers had to involve themselves more closely in the early stages of spam, phishing or romance scam campaigns, which was time-consuming and opened them up to being caught. Now, however, they can just let the computer do much of that work. Experts say AI is being put to use in a multitude of ways in online scams, whether by building more convincing phony profiles on dating sites or by mimicking the voice of a grandchild to persuade relatives into thinking their loved …

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[mwai_chat context=”Let’s have a discussion about this article:nnIf there was one thing you could usually count on when it came to online scams, it was that misspellings and bad grammar would often be a dead giveaway. Enter AI, and now those tip-offs have disappeared, experts say.

“The quality of fraudulent content has gotten so high that it has become very hard for people to differentiate a real person from a bot,” said Kevin Gosschalk, the founder and chief executive of Arkose Labs, a security consultancy that tracks online scams and technology. The rapid development of artificial intelligence has allowed online fraudsters not only to fine-tune their scams, but to more effectively unleash them broadly, hoping to find someone who will take the bait. Gosschalk said that in the old days, scammers had to involve themselves more closely in the early stages of spam, phishing or romance scam campaigns, which was time-consuming and opened them up to being caught. Now, however, they can just let the computer do much of that work. Experts say AI is being put to use in a multitude of ways in online scams, whether by building more convincing phony profiles on dating sites or by mimicking the voice of a grandchild to persuade relatives into thinking their loved …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]

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