Scammers are using artificial intelligence to better target unsuspecting victims – Image USA Today
What to Know about AI Scams and How to Help Protect Your Assets
By Saghir A. Aslam
Rawalpindi, Pakistan
(The following information is provided solely to educate the Muslim community about investing and financial planning. It is hoped that the Ummah will benefit from this effort through greater financial empowerment, enabling the community to live in security and dignity and fulfill their religious and moral obligations towards charitable activities)
Scammers are using artificial intelligence to better target unsuspecting victims. Here’s how to recognize and avoid three common AI scams.
Financial institution scams
The scenario: You get a call that comes from your bank, telling you that your account has been compromised or asking for your PIN. You may be instructed to transfer your money into a new account (provided by the caller) to keep it safe — but really, you’ll be putting your money right into the fraudster’s pocket. Sometimes the scammer will contact you by email, asking you to click a link to confirm your account. The email looks like it’s from your bank, but the link directs you to a fake site to steal your personal information.
These attacks are known as phishing — attempts to steal valuable personal information, such as bank account information or passwords, by impersonating a legitimate institution such as a bank or credit card company.
How to help protect yourself: If you think there might be a problem with your account, call the phone number on the back of your debit or credit card, or go to the bank’s official site to contact them. Don’t use the contact information provided by the message you received. Your bank will not contact you by phone to request a money transfer. Be wary of any requests to send cryptocurrency, gold, or other unusual currency like gift cards — that’s often the sign of many scams. Do not click on the link within the email. Instead go to the bank’s site or call the bank to verify if the bank actually initiated the contact.
Charity scams
The scenario: Online scammers will seize any opportunity to tug on your heartstrings to trick you into sending money to support a seemingly good cause. These scams are especially rampant after natural disasters or other tragedies — AI tools are used to create fake images of first responders or the disaster scene to solicit donations. These schemes have gained traction on social media, where users can be directed to donate in just a few clicks using credit cards or cryptocurrency.
How to help protect yourself: Don’t be in a rush to donate. Search online for the charity you want to support to make sure if it is reputable. Donate to charities you know and trust that have a proven track record. If someone calls asking for donations, ask how the money will be spent or say that you want to research their organization online first. If they can’t tell you how your money will be used or they pressure you to donate in the moment, rethink your donation.
(Saghir A. Aslam only explains strategies and formulas that he has been using. He is merely providing information, and no advice is given. Mr Aslam does not endorse or recommend any
broker, brokerage firm, or any investment at all, nor does he suggest that anyone will earn a profit when or if they purchase stocks, bonds or any other investments. All stocks or investment vehicles mentioned are for illustrative purposes only. Mr Aslam is not an attorney, accountant, real estate broker, stockbroker, investment advisor, or certified financial planner. Mr Aslam does not have anything for sale.)
