Artificial intelligence has grown in popularity and usefulness over the last few years. Many individuals and businesses rely on the innovations of AI to enhance their organization, productivity, and everyday living. Although AI can help people in many ways, there are also some pitfalls that everyone must watch out for, including the chance of becoming a victim of a scam enhanced by AI technology. As a business owner, you should be alert to AI scams that are currently developing and understand some steps you can take to help protect yourself from becoming an AI scam victim. Continue reading to learn some common scams and how to carefully instill practices that will help protect you and your company.

What Types of Scams are Happening Now?

• Phishing Emails: Although phishing emails have been around a while, AI has advanced this scam by making bogus emails appear accurate, error-free, and personalized. 
• Smishing: Smishing is a new term referring to SMS Phishing, which is when text messages appear accurate and personal. 
• Voice Cloning: Used to mimic the voice of someone you know in order to give bogus directions or ask for special requests. 
• Deepfake Scams: Video calling where AI enables someone to impersonate a real person.
• Fake Invoicing: AI technology creates invoices that appear legitimate and look like they were sent from vendors.
• Fake Reviews: AI can be used to alter or ruin a company’s reputation by creating fake reviews that impact a company’s good standing.

Are There Specific Warnings to Watch For?

Yes, there are variations or warnings to watch for that may help identify a scam. As a business owner, watch for changes in vendor information or payment requests. Also, be on alert for customer requests for refunds or overpayment issues. Any situation of urgency should also be evaluated for the reliability of the source information and its accuracy. If something feels “off” or out of place, it is definitely worth investigating and making sure the issue is not part of a scam.

How Can You Protect Yourself From Scams?

• Ensure Staff Members Are Aware of Potential Threats from Scammers
• Secure Online Systems by Adding Multi-Factor Authentication and Instilling Password Guidelines
• Install Security Software that Helps Detect Phishing Scams and Other Potential Threats
• Verify Vendor and Customer Information Routinely
• Monitor Customer Reviews Regularly
• Remain Skeptical of Urgent or Unsolicited Communications
• Stay Current With New and Evolving AI-Enhanced Scams Because the Innovation is Changing Rapidly

Bottom Line

Artificial intelligence offers many benefits for individuals and companies, including faster information, organizational tools, and advanced technological support that enhances our everyday lives. However, AI-enhanced scams are also increasing in popularity at a tremendous rate. The goal of individuals and business leaders is to stay ahead of constant change and act proactively to address as many challenges as possible. Acting proactively and staying informed about potential AI-enhanced scams is the best way to protect yourself from financial hardship and plenty of headaches. AI-driven scams are becoming increasingly complex and deceptive. It is imperative to stay alert to scams so you can identify them and protect yourself.  

Frequently Asked Questions (FAQs)

What exactly is an AI scam?
An AI scam is a type of fraud that uses artificial intelligence to enhance online disturbance for individuals or businesses. AI scams are advanced and sometimes difficult to identify, and their number is growing significantly over time. 

Are small businesses really at risk for AI scams?
Yes! No one is exempt from AI scams, and small businesses are often targets. Small businesses may become targets because they sometimes have fewer online security measures in place, have informal or inadequate online verification systems, or are less aware of current AI scams. 

What can I do to help protect my company from an AI scam?
It’s important to stay as up to date and proactive as possible with today’s ever-changing online landscape. Some steps you can take to protect yourself from AI scams include regularly monitoring online systems, developing clear protocols for online interactions, and training team members on procedures and AI scam awareness.