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Understanding the New Age of Scams: How AI Plays a Role

Monday, 05 June 2023 06:00 AM

Condor Capital Wealth Management

MARTINSVILLE, NJ / ACCESSWIRE / June 5, 2023 / As a trusted wealth advisor, Condor Capital Wealth Management is committed to staying informed and educating others about the evolving digital threats that could compromise client financial assets and privacy. We feel it's crucial to keep you informed about the emerging threats in the financial landscape. Today, we want to bring your attention to an issue increasingly affecting individuals nationwide, particularly those in the senior age group: the rise of scams utilizing Artificial Intelligence (AI).

The Federal Trade Commission (FTC) recently issued a warning about a new breed of scams that leverage the power of AI to make their fraudulent schemes more convincing. This article aims to educate you about these AI-enhanced scams, how they operate, and what measures you can take to protect yourself.

The New Frontier: AI-Enhanced Scams

Artificial Intelligence has significantly transformed various sectors of society, providing a plethora of benefits. However, as with any technological advancement, it also opens doors to malicious uses. In March 2023, the FTC issued a consumer alert warning about the increasingly prevalent "Family Emergency" scams being enhanced by AI technology.

In these scams, fraudsters typically pretend to be a family member or a friend in desperate need of money due to an emergency. With the advent of AI, these scam attempts have become frighteningly sophisticated. Fraudsters can now use AI to mimic voices and create increasingly convincing fake audio messages, making the scam appear all the more real. As a result, even the most vigilant individuals can fall victim to these scams.

AI Scams on the Rise: The Threat of Voice Cloning

Voice cloning, a technology that uses AI to replicate a person's voice, is being exploited by fraudsters to enhance their scams, making them more convincing. CBS News reported on how AI can be used to duplicate voices to a disturbingly accurate degree, enabling scammers to pose convincingly as family members or friends in emergency scenarios.

In these enhanced scams, perpetrators reach out pretending to be a loved one, typically in an urgent situation that requires immediate financial assistance. The use of AI to replicate the voice of someone familiar to you makes these scams increasingly effective, and the potential for exploitation grows as the technology becomes more accessible.

Protecting Yourself from AI-Enhanced Scams

Though this new scamming method is indeed alarming, there are still effective ways to protect yourself:

Verify the Caller: If you receive an urgent call or message from a family member or friend asking for money, verify their identity by calling them back on a number you know to be correct. Don't rely on the caller ID on your phone, as scammers can easily manipulate this.

Don't Act in Haste: Scammers rely on creating a sense of urgency to get you to act quickly without thinking. If you receive a frantic call for financial help, take a moment to pause, think, and verify the information before acting.

Never Share Personal Information: Be wary of any request for personal or financial information.

Stay Updated with Technology: As technology evolves, so too do scams. It's essential to stay updated with the latest technology trends and understand how they can be misused.

Consider implementing Private Codewords: Establish a unique codeword or phrase with family members and close friends. If a call or message supposedly from them comes in requesting financial aid, ask them to provide the codeword. This adds an extra layer of security to verify their identity.

Report Scams: If you believe you've been targeted by a scam, report it to your local authorities and to the FTC. This can help protect others and contribute to the fight against these malicious practices.

At Condor Capital Wealth Management, we are dedicated to safeguarding your financial well-being. We're here to support you and answer any questions or concerns you might have about protecting your financial assets and personal information. We encourage you to reach out to us for assistance at 732-356-7323 or visit our website at

Remember, staying informed, and alert is your first line of defense against scams. By implementing these protective measures, we can continue to ensure your financial future remains secure.

SOURCE: Condor Capital Wealth Management

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