As families across the globe rely more heavily upon the Internet to stay connected, they become increasingly vulnerable to sophisticated online scams. This is no more true than for older Americans, who are far more likely to be targeted by scammers. According to the FBI, such scams targeting older Americans accounted for over one billion dollars in losses in 2022 alone.
This type of online fraud is a growing problem, especially as Artificial Intelligence (AI) has increasingly become a tool for criminals to target vulnerable victims. Recent fraud cases in 2019 alone saw over half a billion dollars in losses due to AI-assisted fraud. AI enables criminals to quickly learn about the victims and their preferences, making them more likely to fall prey to the scam.
One type of AI-assisted fraud is the “grandparent scam,” where scammers send emails, texts, or make calls pretending to be a relative in need of financial assistance. They pretend to be a grandchild or other family member in a desperate situation and then ask the victim to transfer them money which usually navigates through multiple accounts before reaching the scammer.
Another type of scam involves using AI to impersonate a victim when communicating with their bank or other online service providers. AI enables criminals to mimic the victim’s writing or speaking style, convincing the service provider to transfer funds or provide sensitive information to the scammer.
Other scams involve using AI to create fake identities on social media networks or create domains that appear to be from the victim’s institution to siphon money or sensitive information.
It is essential to educate older Americans on the prevalence of online scams and how to protect their information and finances. They should be careful not to fall prey to emails, texts, or calls from scammers, be suspicious of requests for immediate payment, and never give out personal information. They should also be wary of clicking on links or downloading attachments from emails, texts, or social media messages they are not expecting.
Finally, enlisting the help of a family member to increase online safety is a great way to make sure the older generation is safe from these types of scams. Explaining to them why these scams exist and how they can protect themselves can go a long way in preventing them from falling prey to unscrupulous criminals.
As AI continues to get ever more sophisticated, scammers are increasingly able to target vulnerable victims, so it is essential to stay vigilant when online. Understanding the scammers’ tactics, connecting with family members to ensure online safety, and being aware of the potential danger associated with AI-assisted fraud can help to keep older Americans safe.
“AI-Fuelled Scams Cost Older Americans Billions in 2022
