Online financial fraud is entering a new stage of development due to the use of artificial intelligence, which allows criminals to create increasingly convincing fake messages, profiles, voices and videos. This is stated in a new information material of the European supervisory authorities (ESMA, EIOPA and EBA), aimed at raising public awareness of the growing threat.
Fraudsters are already using content generation technologies that can imitate the voices of loved ones, bank employees or public figures. Such contacts are often made through social networks, messaging apps, emails or unexpected phone calls. The consequences can be serious – financial loss, identity theft and even psychological distress.
Among the most common warning signs are promises of quick profits, urgent requests for money or personal information, suspicious links, as well as requests to install applications or grant access to a device. Experts emphasize that legitimate companies never request passwords, PIN codes or banking information via messages or phone calls.
The report identifies several main types of scams that are spreading online:
impersonating another person through the so-called deepfake technologies;
phishing messages and social engineering;
investment or insurance schemes with fake offers;
romance scams via social networks;
fraudulent offers for purchases outside official platforms.
Experts advise users to always check the source of messages, not to open unsolicited links, to use strong passwords and multi-factor protection, and to be especially careful with offers that seem “too good to be true“. Additionally, it is recommended that families create a secret “safe word“ that they can use to confirm their identity in case of suspicious calls.
If a person becomes a victim of fraud, they should immediately stop contact with the perpetrator, contact their bank, change all passwords, and file a report with the police or the relevant financial regulator. Experts also warn about the so-called “refund scams“, in which criminals pose as institutions and promise to return lost funds for a fee – a practice that usually leads to new losses.
The conclusion of the experts is clear: with the development of artificial intelligence, scams become more convincing, but attention, verification of information and caution remain the strongest means of protecting consumers.
For additional information, you can view the entire “Consumer Warnings“ category.