Online interactions and fund transfers have become a part of our lives in this digital age. On the other hand, AI technology is rising as a threat to our digital lives. The rise of AI has increased a lot of new possibilities and advantages, but it has also raised the number of online scams. These days, fraudsters are using powerful AI systems to dupe people. Due to this technology, the risk of becoming a scam victim is much greater than ever. Many people have lost all their bank balances due to a lack of information about online threats. So, we must be more sensitive and cautious while using the internet. This article tries to give you helpful tips to avoid the most harmful online scams such as fake voice online scams, video call online scams, romance fraud, etc. So let's understand how fraudsters trap people and how to avoid online scams.
How do we avoid these online scams?
Scammers are always coming up with new traps to defraud you. However, if you stay alert, you can prevent these AI-based frauds. In this article, we will discuss the most effective online scams and frauds of recent years to make you aware of them.
Fake voice online scams
These online scams began in the early days of the AI age. These fake voice scammers victimize their target's loved ones using deep fake tech, which makes them more dangerous. These scammers use social networks to steal your data. They gather your private info, such as who your family is, what your voice sounds like, what kind of job you have, your phone number, etc. After acquiring your data, fraudsters use deep fake tech to mimic your voice. After that, they call your loved ones in your voice and convince them cleverly that you need urgent financial help. They can even scare your family by using your fearful voice to get the money.
This fake voice fraud has been spotted recently in countries like the USA and India. However, too many people still do not know about this new generation of online scams or how to prevent them. So inform your loved ones about these online scams and follow the steps below to avoid them.
How do we prevent these online
scams?
- To keep your privacy safe on the internet, never post your private info on social networks.
- If someone asks you for instant money transfers online, even if it's a friend or family member, make sure to verify their identity.
- Use code words when dealing with these types of situations.
During our research, we saw that fraudsters use this same tech in various types of frauds like video call online scams and romance fraud.
Video Call Online Scams
Video call online scams are an advanced version of fake voice fraud and might be the most harmful fraud in the era of AI. Fraudsters use AI tools to disguise and defraud people. With the help of this advanced AI tech, fraudsters can impersonate anyone's on video calls. This tech is so precise that victims do not even realize they are talking with a cleverly disguised fraudster. These scammers steal people's identities and disguise themselves to dupe their loved ones. They make video calls to that person's loved ones and very cleverly convince them to give money
These online scams are currently in their early phases and spreading rapidly; very soon, they will spread worldwide. Follow the steps below to learn how to prevent these online scams.
How to avoid online scams from these video
call scammers?
- If someone wants instant financial help through a video call, even if it's your loved ones, make sure to verify them.
- As suggested in the Fake Voice Fraud section, use code words if possible.
- Please read more about these fraudsters' new methods to learn how to avoid online scams and stay safe and secure.
Romance Fraud
Romance fraud is one of the most common and
growing scams. We found three types of romance fraud: fake identity romance
fraud, AI-based romance fraud, and chatbot romance fraud. To avoid these scams,
please read the paragraphs below and learn how these fraudsters dupe people.
Fake Identity Romance Fraud:
These types of romance fraud artists use stolen photos to make an attractive social media profile or a love trap. They attract love-seekers with fake social media profiles. After that, fraudsters establish an authentic relationship with them. Fraudsters gain their trust by promising them a lifetime of love. Once they achieve their target's faith, they slowly manipulate them to give money. For example, scammers promise to marry their targets soon, but they want to start a business before marriage to keep their relationship wealthy. Some people take large amounts of loans after being manipulated by fraudsters, and when they give the money to their online life partners, they disappear with the money. There are many romance fraud cases on the internet stating that the victim took loans to help their online partner and ruined their own life. They are still suffering to pay the EMIs of that loan.
AI-Based Romance Fraud:
This type of romance fraud is quite similar to fake identity romance fraud. But in this case, fraudsters utilize powerful AI tools to trap people. This new generation of romance fraud artists uses AI-created images and attractive voices to fool people. Fraudsters attract love seekers on dating sites with fake profiles. Then, they trap people in a faithful relationship with lovable voices and false promises. After gaining the victim's trust, they cleverly demand money for various reasons, like financial help, purchasing a flight ticket to meet, etc.
Chatbot Romance Fraud:
Today’s AI chatbots,
such as Chat GPT, can simulate conversations the same as real humans. Romance
fraud artists use these tools on dating sites to hook up with multiple people
at the same time. They use AI-generated photos to lure in love seekers on dating
sites. After a few weeks of online chat, they use emotive tactics to extort
funds from victims. Some romance fraud artists lure their victims into affairs
to steal private videos and photos. After that, they use those photos and
videos to blackmail victims for money.
According
to a report by FTC.GOV,
in 2022, almost 70,000 people were victims of romance fraud, for a total loss
of 1.3 billion USD. The number of victims is increasing day by day, and this is
an important reason to worry. So stay cautious about the safety of online
dating.
How can we avoid this romance fraud?
Your online love partner can be a fraudster, so it is
essential to be aware of how you can protect yourself from them. Here are a few
tips to figure out romance fraud artists:
- These fraud artists never meet in person to hide their real identities.
- If you are dating someone online, make sure to meet them face-to-face at least once.
- Romance fraud artists are always on the lookout for an excuse to ask for money.
Instant loan app fraud
There are a lot of Chinese instant loan apps running all over the world. These apps provide loans in an easy way to trap loan seekers and steal data from their devices, such as contacts, videos, and images. Once they give the money to an applicant, they demand five or ten times more than they owe. When loan seekers refuse to pay those extra amounts, creditors threaten and abuse them to get the money. They even use stolen personal photos of the loan applicant to blackmail them. As stated in the Hindustan Times, more than 60 people in India have killed themselves due to being trapped by it. This report makes it clear how dangerous these Chinese instant lending apps are. Please read more below to learn how to avoid these online scams.
How to avoid online scams like these loan
apps?
- If you need money, you can borrow from friends and relatives or go with reputable banks.
- In case you are suffering from harassment or threats by creditors, you can call the police to save yourself.
SIM Card
Swapping
This fraud is spreading rapidly, and when you are altruistic, you can easily be duped by these fraudsters. In this case, a stranger will ask for your cell phone to make an emergency call. After getting the phone, they secretly dial an MMI code to divert all your incoming calls. In other words, scammers will forward your phone calls to obtain your bank's OTPs. After that, they log in to your payment gateway and steal your money.
Fraudsters are using this trick in various ways to dupe people. They collect data from shopping sites and make scam calls to regular online shoppers. After that, fraudsters convince them to dial a fake number of the delivery boy, which starts with a star (*). Once they dial, all incoming calls from their number will start forwarding. As a result, fraudsters log in to their online payment app and transfer funds from bank account.
You can find tips below on how to stay safe
from these online scams:
- To view all the call forwarding options on your phone, dial *#002#. To turn off all call-forward options, dial ##002#. This MMI code is only for GSM networks like AT&T and T-Mobile. This code will remove all previously forwarded calls and work on both Android and iPhone.
- If you're on a CDMA network like Verizon or US Cellular, dial *72 to see your call and data forwarding status and *73 to remove those.
Fake calls from bank scams
In
this case, scammers gather information about your bank accounts and
transactions from third-party organizations. After that, they will contact you and
pretend to be your bank's officials. They can even call from the bank's
official phone number and ask for your card details or an OPT. Once they
acquire the information, they will deduct your bank balance within a few
minutes.
Please take a look at the solution below for
how to avoid online scams like this:
- Firstly, never give anybody your card data, such as your card number, CVV, and OTP. Even if a legitimate bank manager asks for it. Bank officials never need to know the consumer's card details or OTPs.
- If you are a victim and want to make a complaint about fraud calls; please read the sections of the article below:
This fake call fraud is growing too fast all over the world. These fraudsters trap people with various methods, so we've categorized them under the “Phone call fraud” section below.
Phone call fraud or scam call
There are many different types of "scam calls" happening all over the world. Let's look at the most effective and harmful frauds in this category, and how to avoid online scams like this.
- Lottery Scams: Scammers may say you won a large sum of money in a lottery. Please make the required payment to receive the reward money. If someone asks you for an advance on a lottery that you already own, you should think it’s a trap.
- Loan for a poor credit score: Fraudsters will tell you that you can get a loan but that you have to put down a deposit first because you have bad credit. We urge you not to fall for online loan offers. We have seen in the "instant loan app fraud" section above how deadly it can be.
- Government Scam Calls: Scammers may also threaten legal action, such as if you haven’t paid your taxes or have been on banned websites. To avoid this online scam, always pay your penalties in a government office or on the official website whose URL ends with.gov.
Although fraudsters are always coming up with new ways to drain your bank account, if you are cautious, you may safeguard your money from scammers.
Cyber Scam Report
The global fraud complaint graph of the IC3 report states that the USA had more than 479,000 online scam cases in 2022. Now, take a look at the graph below to understand why people in the USA need to be more aware of online scams.
We
can see in the chart that countries like Japan and China have much lower rates
of online scam victims. Online scammers are mainly targeting countries like the
US and the UK. This is why you need to be more aware of online scams in
this era of AI if you live in these countries.
Where do I complain about online scams?
If you've lost money because of an online scam, get in touch with your bank right away or call the US Department of Justice at (202-541-2000).
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