As we ring in the new year together, we want you to know that our team continues to prioritize your financial security. It is our goal to ensure you are well-prepared to tackle evolving fraud threats. Read on to learn more about emerging fraud schemes that scammers will use in 2024.
Artificial Intelligence + Social Engineering = Imposter Scams
In 2023, imposter scams experienced rapid growth as a prevalent form of fraud, and we expect this trend to continue in 2024. The prevalence of artificial intelligence (AI) makes it difficult to discern truth from deception in our emails, text messages and phone calls. With the right software, our voices can be easily replicated. These bad actors can manipulate our dialogue to say whatever they want by capturing mere seconds of a recording. This is dangerous when we think of how social engineering scams rely on our inherent trust of what we see and hear. AI can also create and manipulate images, news articles, emails and more. It is important to remain critical of what you see online and any unusual calls or text messages you may receive.
Identity Theft & Data Breaches
Protecting yourself from identity theft will be paramount in 2024. Information from data breaches is available on the dark web. Fraudsters can purchase and use this information to create synthetic identities to open accounts and loans at financial institutions. If possible, take measures to place alerts or freeze your credit with each of the credit bureaus. This may help prevent unauthorized individuals from opening new accounts using your identity without your knowledge. Additionally, use different username and password combinations for each online service you have and never use the same login credentials for your bank as other sites.
Investment Scams
Nationwide, investment scams are responsible for the highest reported losses among all types of scams. It is possible that fraudsters may contact you, disguising themselves as brokers or even friends, and presenting investment opportunities that seem "too good to be true." They may pressure you to take immediate action. Always keep in mind that if something sounds too good to be true, it most likely is. Stay cautious of any deceptive urgency tactics such as claims like "everyone is buying it" or pressuring you to take action to send funds. Scam artists often tell their victims that this is a once-in-a-lifetime offer, and it will be gone tomorrow. Resist the pressure to invest quickly and take the time you need to investigate before sending funds. There are even scammers who say they’ll try to “help” you recover your funds from the first scammer – be aware, they’re all working together on this.
We’re here to help!
Trust your instincts – if it seems too good to be true, or you realize it doesn’t make sense for someone to contact you, PAUSE before acting. If you have questions, contact us and we will be happy to help. Staying skeptical when faced with ever-changing technology can help you protect your financial wellbeing. For more information about new scams and trends, use the button below to visit our fraud protection page.
Fraud Protection