Cybersecurity threats are rising as hackers and scammers use sophisticated AI tools to break into databases, hack into smartphones, and conduct social engineering schemes targeting businesses and consumers.
It’s completely understandable to be concerned about cybersecurity these days. And while you can’t control what happens in business and government databases, there is one basic rule you can use every day: develop a “verify before you trust” mindset.
With AI, scammers and hackers have shifted from creating a sense of urgency to creating credibility. Through deep fake video, voice, and images, scammers seek to build trust so you willingly hand over money, passwords, or information.
So to protect yourself, it’s best to take a moment, stop and verify any information independently. Cybersecurity experts call it “out-of-band verification.” But it’s simply “hang up and call back yourself.”
Here are some other ways to consider that can help you protect yourself and your financial information.
Question Anything that Arrives Unexpectedly
When you get an unexpected text or email, even if it looks to be from someone you know or a business you frequent, ask instead, “Did I expect this conversation?”
If you get a call or text out of the blue about a package delivery, banking issue, password reset, job opportunity, a family emergency or an investment opportunity, to name a few, stop. Hang up or disengage and call the business or person directly. Don’t respond directly to the text. Check your account to see if what the message or caller says is true.
Create Family Safe Words
AI is getting better at mimicking voices and images, making it easier for scammers to pretend to be a loved one.
One way to verify callers is by setting up a family code word or phrase. That way, if someone calls claiming to be a family member in trouble and urgently in need of money or access to a banking account, you can use the code word as verification.
Never make snap financial decisions
Here’s a phrase to keep in mind: Any financial decision that can’t wait 30 minutes probably shouldn’t be made in 30 seconds.
Even as scammers seek to build trust and credibility through AI deepfakes, they may still use a sense of urgency to push their victims to react quickly without fully thinking things through. Watch for threats of accounts being closed, law enforcement action, or that a job or financial opportunity is only available “right now.”
Disengage from the person making the request or threat and verify it independently. Chances are, it’s a scam and you just made a very smart move.
Be careful what you share online
AI can scan the internet and find out all kinds of personal information about you based on social media posts you and others make about you. Don’t inadvertently publicly share information used in security questions like the street you grew up on, name of your first pet, high school mascot, etc. Images and videos from vacations, graduations, family gatherings can be found through AI and used by scammers against you.
The next generation of fraud will likely be customized to specific individuals with AI quickly pulling personal information about you. So instead of saying, “Dear customer”, the scammer will instead say, “Hi, Mike, how was your daughter’s wedding? By the way, you missed a payment and I’m reaching out to collect.”
Use AI Wisely for Financial Decisions
As people turn to AI tools to ask about financial decisions, tax guidance, and investment recommendations, they should keep in mind that they should not rely on it completely. AI can make things up (hallucinate) and give incorrect information.
AI can help us think, but it should not replace experts who are accountable for outcomes. Feel free to use AI for research but be sure to contact a professional expert before making a final decision in significant financial matters.
Build your verification muscle
Protecting yourself in the age of AI comes down to developing the reflex of verifying before you trust. Verify the sender, the caller, the website, the request, and the urgency. Technology will keep changing, scammers and hackers will continue to try new ways to trick people, but the basic practice of verifying before you trust can be taken with you anywhere, any time.
Learn More
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