Protecting Yourself from AI Banking Fraud

 

The rise in technology and artificial intelligence (AI) is not only changing our everyday lives – it’s also changing the way we bank. This makes it even more important to learn how to protect yourself from digital threats.

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The New Face of Fraud
AI enhances existing threats by making it quicker and easier for cybercriminals to target vulnerable consumers. Their attacks become more accurate, personal, and large-scale. Pre-AI, it was common for scams to have obvious giveaways and errors. AI has transformed the nature of these threats to seem much more believable through advanced tactics including deep fakes and voice cloning.

While AI’s impact seems intimidating, you can learn how to protect yourself from these new threats. One way is to learn how to spot some of the red flags in banking scams. For example, a bank will never contact you requesting confidential information over the phone or approach you with persistent urgency to act immediately.

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Pause, Validate, Proceed
The pause-validate-proceed method is a decision rule that all customers should practice. When you receive a suspicious call or email, first pause. Despite how urgent the message seems, don’t click a link, provide information, or open an attachment without taking a moment to stop and think.

Next, validate the message. Consider whether you recognize the email address, if there are spelling errors, or if the message’s claims align with your real-life activity.  When in doubt, call your bank through an official phone number to verify the message you find suspicious.

If everything is legitimate after you pause and validate, proceed. If not, then report, delete, or ignore the message.

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Simple Steps to Stay Secure
You can reduce risk through daily habits that protect you from fraud. For example, ensure your passwords are updated and unique, talk regularly with your family about cybersecurity and bank safety, and avoid posting your personal information on social media. Be especially aware of your elderly loved ones, a much more susceptible population to cyberattacks. You can add a trusted contact to their bank account, who will be notified of unusual transactions.

As AI changes the landscape of digital banking, it's important to educate yourself and have conversations about cybersecurity. Even a small change can be the first step to keeping you and your loved ones safe.

For more information on how you can protect yourself from fraud and cyber threats, visit our Security and Privacy page.