Can you spot an investment scam? “Deepfake” videos can be difficult to spot

Americans are losing billions of dollars to investment and other scams, and new “deepfake” videos created by artificial intelligence are making some tricks harder to spot. Common sense remains a good defense

Fraudsters remain more active than ever, and artificial intelligence and other sophisticated tools are increasing the risks for potential victims.

Americans were scammed online out of about $12.5 billion last year, up from $10.3 billion in 2022, according to the FBI’s Internet Crime Complaint Center, but the totals could be much higher. The FBI solved a case in which it found that only 20 percent of victims reported these crimes.

Scammers continue to shake things up with different tricks and techniques, and AI looms larger. The FBI estimates that 39% of victims last year were scammed based on “deepfake” or doctored videos that were altered using AI technology to manipulate or distort what someone has. actually done or said. The videos are used in investment scams, such as romance scams, and for other purposes.

“This national crisis is likely to get worse in the years to come as scammers can now use artificial intelligence to create fake videos of business leaders, celebrities, politicians and romantic suitors that are difficult to detect ” said Social Catfish, a company that helps people. combat online crimes, particularly those of a romantic nature, by verifying photos using reverse image searches.

The role of AI in financial scams

Scammers can use AI technology to duplicate voices and trick people into sending money or revealing personal information by pretending to be family members, co-workers or friends, Christian said Romero, Community Manager at Chase. He spoke to about 100 residents at an anti-fraud meeting Oct. 10 in Sun City West. Arizona ranks fifth nationally in online complaints per capita and monetary losses per capita, according to the FBI report.

With AI, fraudsters can process larger amounts of data and thus try more password combinations to try to break into a victim’s account, Romero added. To discourage this, everyone should use strong passwords, change them frequently and use two-factor authentication, he said.

Americans filed more than 880,000 online fraud complaints last year with the FBI’s Internet Crime Complaint Center. Social Catfish estimates that 96% of money reported lost has never been recovered, in part because most scammers live overseas. Many scammers demand payment with cryptocurrencies, which feature in most investment crimes. Some crypto schemes involve scammers offering to help victims recover money lost in previous crypto scams.

Last year, the FBI classified the highest proportion of online crimes as investments, covering a wide range of topics but with a common theme of speeches touting high returns. Another important category is scams in which scammers infiltrate business email accounts and use the information obtained, including contact lists, to demand payment for various services.

Ransomware schemes are also common, in which crooks infect victims’ computers and demand payments to unlock the computers and the information stored on them. Then there are technology and customer support crimes, in which scammers convince victims that their computers are infected and promise to clean them for a fee.

Ways to spot a deepfake video

Online crimes involving deepfake or doctored videos are relatively new. Here are some ways to try to spot fake videos or photos, according to Social Catfish:

Unnatural movements: Look for subtle irregularities in videos that involve movement or facial expressions, such as the way the eyes and mouth move. Focus on potential mismatches between spoken words and lip movements.

Inconsistent lighting and shadows: Pay attention to lighting, as doctored videos often struggle to maintain consistency, especially if material from different sources has been combined. Unusual skin tones could be a clue.

Audio irregularities: Listen for changes in the tone or quality of a person’s voice. Sounds may sound out of sync and audio may sound flat or emotionless.

Try to authenticate a video by checking with the source who supposedly created it. Romantically, potential victims might have a conversation with a person who doesn’t exist, at least in the manner described. Always insist on meeting in person before making any financial or other commitment; if the other person balks or claims to live in another country, consider this a red flag.

Other scams still prevalent

Even with the advent of deepfake videos and other technologically sophisticated schemes, scammers still rely on many of the methods they have used in the past.

One scam involves scammers pretending to know about an arrest warrant for a potential victim and asking for, say, $500 in gift cards to resolve the problem, said Capt. Brian Stutsman of the Maricopa County Sheriff’s Office , speaking at the Sun City West anti-fraud event. . Another scam is the “grandparent” scam, where potential victims are asked for bail to release a grandchild who is supposedly being held in a Mexican prison.

“Don’t give anything to anyone over the phone,” Stutsman advised. None of the kidnapping scams the sheriff’s office investigated turned out to be genuine, he added, but some victims were tricked into handing over money. be trustworthy and polite when lawyers contact them by phone, but “there’s nothing wrong with being rude and hanging up,” he said.

Lance Hunzeker, a financial crimes deputy with the Maricopa County Sheriff’s Office, pointed out that it’s mainly incoming calls, texts and emails that people need to be vigilant about.

“Anyone can fall victim to scams and fraud,” Romero said. “I was a victim of fraud and scam, and I’m a banker (and) I know how to protect myself.”

Rather than feeling ashamed or embarrassed, he said, it’s important for victims to turn to bankers and others with the training and resources to help them. It is also important to report crimes to law enforcement authorities and, above all, to remain skeptical.

Contact the writer at [email protected].

Americans are losing billions of dollars to investment and other scams, and new “deepfake” videos created by artificial intelligence are making some tricks harder to spot. Common sense remains a good defense

The role of AI in financial scams

Ways to spot a deepfake video

Other scams still prevalent

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