Artificial intelligence (AI) is revolutionizing the business sector, but alongside its benefits come new risks – especially from sophisticated scams. In 2023, fraud resulting from generative AI hit $12.3 billion, a number that is expected to compound by more than a third every year.1 We want you to stay informed and empowered to protect your finances from emerging AI fraud threats.
How AI is Changing the Fraud Landscape
AI enables fraudsters to:
- Create convincing fake messages: Using generative AI tools, scammers can craft emails, texts and even phone calls that look and sound real, imitating banks, government agencies or loved ones.
- Clone voices and images: Deepfake technology allows fraudsters to mimic relatives, bank officers or trusted contacts in calls and videos, persuading victims to share private data or transfer money.
- Automate large-scale attacks: AI bots rapidly scan the internet for personal information or vulnerabilities to launch phishing attempts against thousands of targets.
- Personalize scams: By analyzing public social media profiles, cybercriminals customize scam messages to increase credibility and success rates.
How to Protect Yourself from AI Fraud
Stay vigilant and follow these best practices:
- Be skeptical of unsolicited contact: If someone claiming to be your bank contacts you unexpectedly, especially via call or email, verify their identity by reaching out through official bank channels.
- Guard your personal information: Never share sensitive details like passwords, account numbers or verification codes over the phone, email or text unless you initiated the contact.
- Detect deepfakes and impersonations: If a voice or video communication seems off, ask verification questions only the real person or official would know, and confirm via alternate contact methods.
- Strengthen account security: Use strong, unique passwords for your banking services. Enable multi-factor authentication (MFA) whenever possible.
- Update regularly: Keep devices’ software, apps and antivirus protections up to date. AI-powered malware can exploit outdated systems.
- Monitor your accounts: Regularly review your statements for any unfamiliar transactions.
- Learn the signs of AI fraud scams: Stay informed about new scam types by following our fraud prevention resources and updates.
We will never call, text or email asking for your credentials or other sensitive information. If you ever receive a suspicious message or call, contact us directly at 800.990.4828.
Your safety is a priority. Together we can adapt to these new threats and keep your financial future secure.
For more information on AI fraud and how to stay protected, please visit AtlanticUnionBank.com/SecurityCenter.
1Deloitte, Generative AI is expected to magnify the risk of deepfakes and other fraud in banking.