Metro Credit Union

Artificial Intelligence (AI) is doing some amazing things—helping us write, design, code, and even drive. But like any powerful tool, it can be used for good and not-so-good purposes. One of the trickier trends popping up lately? AI-powered fraud. 

It sounds high-tech (and it is), but don’t worry, there are ways to help you stay one step ahead.

So, What Is AI Fraud?

AI fraud is when scammers use artificial intelligence to trick people or systems. It’s like the classic scams we’ve all heard about, but with a futuristic twist. Here are a few ways it shows up:

• Deepfakes: These are super-realistic fake videos or audio clips that make it look like someone said or did something they didn’t. It’s popular on social media, showing politicians or athletes saying something that didn’t happen. While some of these videos are made for comedic purposes, they can often have a dangerous impact, spread false information, or wrongly damaging someone’s reputation.
• Synthetic Identities: AI can mash together real and fake info to create totally new (and fake) people. These identities are used to open bank accounts or apply for loans.
• Voice Cloning: With just a short audio clip, AI can mimic someone’s voice. Scammers use this to impersonate people and ask for money or sensitive info. A common example is the ‘Grandparent Scam.’  These scammers take the voice of an elderly person’s loved one and call them, sounding panicked, in a “dangerous situation”, saying they need money transferred to them to get them out of it.
• Smarter Phishing: AI can write emails that sound just like a real person—no more  grammar mistakes or obvious red flags. These messages are way more convincing. 

Why Is This Happening Now?

A few things are making AI fraud more common:

1. AI Tools Are Everywhere: You don’t need to be a tech genius anymore. With open-source tools and easy-to-use platforms, almost anyone can create Deepfakes or clone voices.
2. It’s Fast and Scalable: AI can send out thousands of scam messages or create dozens of fake profiles in seconds.
3. It’s Convincing: AI-generated content is getting really good. Sometimes it’s hard to tell what’s real and what’s not.
4. It’s Cheap: Running an AI scam doesn’t cost much, but the potential payoff can be huge.

How You Can Stay Safe (Without Getting Paranoid)

The good news? You don’t need to be a cybersecurity expert to protect yourself. Here are some simple, smart ways to stay ahead of AI fraud:

1. Trust, But Verify

If you get a weird message from your boss or a family member asking for money or sensitive info, double-check. Call them, text them, or use another method to confirm it’s really them. A reputable financial institution like Metro will never ask you for your passwords or any security codes.

2. Use Multi-Factor Authentication (MFA)

MFA is like a second lock on your digital door. Even if someone gets your password, they’ll need a second code (usually sent to your phone) to get in. It’s a simple step that makes a big difference. If you ever get a code you didn’t expect, do not share that code with anyone.

3. Stay Informed

The more you know, the safer you are. Pay attention to scam alerts from companies you do business with and keep an eye out for news about new scams or AI tools. 

4. Let AI Fight AI

There are tools out there that use AI to detect Deepfakes, flag suspicious behavior, and catch fraud before it happens. If you run a business, it’s worth investing in these kinds of solutions. 

Metro Business Checking members have access through their BaZingBiz perks to cybersecurity, dark web monitoring, and more to help protect your business, its people, and assets from these threats. 

5. Be Alert to Fake Identities

Whether you're online shopping, using social media, or managing accounts, stay vigilant for signs of fake or synthetic identities. Watch out for mismatched personal details, suspicious behavior, or profile photos that seem overly generic or reused. These can be red flags for scams or fraud attempts.

Final Thoughts on AI Fraud

AI fraud might sound scary, but it’s not unbeatable. With a little awareness and a few smart habits, you can protect yourself and your business. Think of it like digital street smarts: stay alert, stay curious, report suspicious activities, and don’t be afraid to ask questions.