How to spot and avoid AI-powered financial scams

Artificial Intelligence has transformed the way we live, work, and interact, offering incredible benefits in many areas, including finance. To stay safe, customers should avoid sharing sensitive information based solely on voice confirmation, especially under pressure, and verify the caller’s identity through known contact information. Fraudsters can use deepfake technology to impersonate bank officials, executives, or even family members, convincing customers to reveal confidential information or complete financial transactions. Fraudsters create fake customer service websites and chatbots that simulate real agents to collect account details or direct users to fraudulent payment portals. AI can create fake investment analysis reports, financial forecasts, and even simulated platforms, luring customers into fraudulent schemes.