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Visit UsOctober is not only the beginning of spooky season, but also Cybersecurity Awareness Month, serving as a reminder that ghouls aren’t the only thing to fear. As scams continue to rise, businesses and consumers need to find tools and resources to help protect themselves. In this article, we hope to teach you some tips to recognize these common tricks.
AI Fraud Can Abduct Your Data
Artificial Intelligence (AI) has become prevalent in many aspects of life and technology and, unfortunately, fraud. AI makes fraud harder to detect. And apart from financial loss, you also risk identity theft, privacy violations, legal expenses, and falling for misinformation.
Consumers must stay vigilant as AI leads to more sophisticated scams. AARP recommends not trusting your caller ID, never clicking on a link without confirming that it’s from a legitimate source, choosing a safe word for your family members, calling back a friend supposedly in crisis (to verify it's actually them), avoiding ads to download software, and protecting personal information.1
Crypto Scams will Creep Up on You
Crypto scams have become one of the biggest threats to watch out for. Americans lost billions to cryptocurrency scams last year, according to the FBI, as reported by CNBC.2 The FBI points to cryptocurrency’s "widespread promotion as an investment vehicle, combined with a mindset associated with the ‘fear of missing out,’ as the driver of scammers looking to take advantage.”
"This type of scam typically involves a cyber-criminal promising their victim that they’ll earn large profits or returns on their investments while taking on little to no risk," says CNBC's Cheyenne DeVon. " In reality, no legitimate company or business venture can guarantee that you’ll earn a profit on your investment."
Think twice before jumping into any investment opportunity.
Mail Fraud Can Give You Nightmares!
Mail fraud isn't a new concept, but it's just as much of a threat as it ever was, especially fraud with checks by mail.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a Financial Trend Analysis on mail theft-related check fraud incidents.3 It received 15,417 reports from 841 financial institutions on mail theft-related check fraud, amounting to more than $688 million in reported suspicious activity. FinCEN identified three primary outcomes after checks were stolen from the mail:
- 44% were altered and then deposited.
- 26% were used as templates to create counterfeit checks.
- 20% were fraudulently signed and deposited.
Businesses and consumers must ensure checks are properly filled out, shred all important checks and documents before throwing them away, and consider digital payment options when possible.
Fraud is scary. It's a real threat, and it exists everywhere. Educate yourself and your friends and family members about the threats that exist.
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1Ianzito, Christina. “AI Fuels New, Frighteningly Effective Scams.” AARP, AARP, 3 Apr. 2024, www.aarp.org/money/scams-fraud/info-2024/ai-scams.html.
2DeVon, Cheyenne. “Americans Lost a Record $5.6 Billion to Crypto Scams Last Year, Says FBI—This Is the No. 1 Kind to Watch out For.” CNBC, 13 Sept. 2024, www.cnbc.com/2024/09/13/how-to-identify-potential-cryptocurrency-scams.html. Accessed 3 Oct. 2024.
3“FinCEN Issues In-Depth Analysis of Check Fraud Related to Mail Theft | FinCEN.gov.” Fincen.gov, 9 Sept. 2024, fincen.gov/news/news-releases/fincen-issues-depth-analysis-check-fraud-related-mail-theft.
