As technology advances in the area of artificial intelligence (AI), so does the opportunity for cyber criminals to use AI tools to their advantage.
AI-driven imposter scams are now a growing threat in an already sophisticated online environment. Cyber criminals are now using generative AI for voice cloning and to create deep fakes of real people to scam their loved ones out of money.
These incredibly believable AI scams could have significant impacts to your wealth. In 2023, the FBI estimated that senior citizens alone lost about $3.4 billion through “grandparent scams” and other financial crimes.
This hit close to home for me recently. My brother received a frantic call from someone who sounded exactly like his daughter. The caller, posing as his daughter, claimed to have been abducted and was demanding money for her release.
Thankfully, my brother had the presence of mind to text her and other family members who confirmed she was safe at home. Luckily, he didn't fall for the impersonation scam, but as you can imagine, it was a terrifying experience.
Below are some essential tips to help protect yourself and your family members against cyber criminals and their sophisticated imposter scams.
Limit Your Social Media Exposure
It would be unrealistic to suggest staying quiet on social media altogether in 2025. Social media, when used safely, is a great way to stay connected with your community. But it can be tempting to share too much.
Fraudsters thrive on information. The more information you post publicly, the more ammunition they have against you. For example, they can potentially learn the names, birthdates, and areas of residence of your family members just by skimming through your posts.
To best protect yourself, keep all social media accounts set to private. Utilizing privacy settings will help ensure the content you share is only seen by those you approve.
Also, be careful about the type of content you share. A lot of social media trends these days actually reveal information you wouldn’t want posted in public.
For example, have you ever heard about your soap opera name? It’s made by combing your middle name and the street you grew up on, and the results make for a funny piece of content to share with friends online.
Do you know what’s a really common security question for logging into online accounts? The street you grew up on. So, if you share your soap opera name with your social media followers, you’ve unknowingly given a security answer to a scammer that they can later use against you.
Don't Answer Calls from Unknown Phone Numbers
If you receive a phone call from an unknown number, the safest thing to do is let it go to voicemail. At that point, you can determine if the call was legitimate. If so, save the number to your contacts for future calls.
If you determine the call was from a scammer, block the number from reaching out in the future.
This same recommendation goes for text messages as well. If you receive a text from an unknown number claiming to be someone you know, verify using an alternate method for authentication.
Create a Secret Safe Word or Phrase
Generative AI has made it even easier for scammers to pose as a loved one. This is why it is key for families to establish a unique safe word or phrase that you only share with each other.
If you receive a call from someone who is claiming to be your family member and sounds like the person’s voice, you can ask for the safe word or phrase. If they’re unable to give the right answer, you can end the discussion and report the scammer to the proper authorities.
Scammers are even able to use Caller ID spoofing, which means they can make it appear as if they are calling from a loved one’s number and conceal the real number they are calling from. A code word or phrase is extremely helpful in this case.
Stay Calm
Scammers thrive on inducing fear. They are hopeful that you will act fast out of panic. Instead, take deep breaths and try to stay calm.
It's easier said than done, but keeping a clear head can help you think rationally, verify the necessary information, and make the right decision.
Text Your Family Member(s)
If you are on a call with someone claiming to be your loved one, try texting them to verify their identity. If they don't respond, text another family member to help confirm they are safe.
Use Find My Friends
Enabling location tracking is a helpful step in always being able to verify the whereabouts of your family. Our kids might not be thrilled that we have this enabled on them, but we sleep better at night knowing they are safe.
Report the Scam
If you receive a scam call, report it to the Federal Trade Commission (FTC) and the FBI's Internet Crime Complaint Center.
By staying vigilant and informed about cybersecurity, we can protect ourselves and loved ones from these sophisticated scams. If you believe you’ve been a victim of cybercrime or another type of identity theft, reach out to your Wealth Manager. We can help freeze and/or recover accounts, and provide helpful resources to protect yourself and your assets moving forward.
