AI: The Rise of Intelligent Scams
Artificial intelligence (AI) is everywhere. Many applications, such as autonomous cars or automated chatbots, can potentially improve lives. Other uses are less optimistic, helping scammers to do their deeds undetected.
Scams evolve as we get better at spotting them. This cat-and-mouse game has entered an entirely new phase because of AI's potential. Here's how to stay safe by staying smart when it comes to your finances.
The AI Challenge in Banking
Imagine this scenario: You receive a call, seemingly from your bank but something doesn't quite add up. Could it be from your bank or is it an AI-driven impersonation? AI technology could allow fraudsters to mimic your bank's voice communication with alarming accuracy, making it a challenging threat to identify.
Voice cloning grants fraudsters the ability to create voice recordings that convincingly mimic the voices of friends, family members, or even financial advisors and bank staff. If you get a call you're not expecting asking you for money or for your account information, it's best to reach out to your bank directly before handing over any information. Note: Old National will never call, text or email you and ask you for your personal account information. We will also never rush, pressure or badger you about codes, usernames or passwords.
AI's capabilities extend beyond voice impersonation; it also empowers scammers to create convincing fake websites and emails. This is a new, AI-powered spin on the common email scam: You might receive an email that appears to be from your bank, asking for sensitive information or prompting you to click on a dubious link. With the power of AI, scammers can make an even more sophisticated — albeit fake — site that captures your account information.
Cracking the Code of AI-Powered Scams
AI-driven scams operate more precisely than most. They harness AI to craft deceptive online content, including counterfeit websites and convincing emails. What's alarming is the level of sophistication—these deceptions are so meticulously designed that even individuals who consider themselves cautious can easily be ensnared. The potential consequences are grave, as victims may unwittingly expose sensitive information or become entangled in intricate financial traps.
What magnifies the menace of these scams is their adeptness at mimicking trusted entities, such as banks or financial advisors. This ability to impersonate familiar voices, messages, and websites makes them harder to spot.
Defending Against AI-Driven Threats
Thankfully, many of the tools we already use to spot and avoid scams still hold true. Keep a healthy sense of scrutiny, slow down, and think before you click. Here's what else you need to know:
Maintain Healthy Skepticism
In today's digital landscape, a dose of healthy skepticism is your best ally. If you receive an unexpected call or text from us, DO NOT take it at face value. Genuine financial institutions typically follow established communication protocols and don't initiate unsolicited contact. Start by understanding your bank's typical communication patterns. If your bank contacts you out of the blue, it's a legitimate reason to exercise caution. Financial institutions tend to follow consistent practices when communicating with their clients, so any deviation should raise a red flag.
Verify Through Official Channels
When in doubt, always call us directly at 800-731-2265. Avoid relying on contact details provided in suspicious messages.
Slow down your surfing
Scammers prey on your tendency to act quickly online. Two common examples are wanting to reply to a boss' message fast, or to enter your credit card information to make a purchase quickly. Fraudulent actors know this; so it's critical to take your time when doing anything financially related.
Spotting the Warning Signs
Here's where your detective skills come into play. Scrutinize web addresses and email domains with care. Scammers often employ subtle variations to mimic legitimate sources. Trust your instincts; if something seems off, take it seriously.
Phishing emails are another telltale sign of potential fraud. They often contain spelling errors, awkward phrasing, or generic greetings. Report the email to your bank or relevant authorities if you harbor even the slightest suspicion. They are well-equipped to handle such situations and can guide you away from financial harm.
Exercising Caution in the AI Era
Navigating the AI-infused financial landscape requires a combination of awareness and prudence. AI is a powerful tool, but it's also a potential gateway to financial risks. In this digital age, staying informed and cautious is your most effective defense against financial fraud.
Visit Old National's Security Center to learn more about how to protect yourself against fraud.
As a final reminder, if you ever have any questions about the safety of your Old National accounts, don't talk, text or email with a stranger. Instead call us directly at 800-731-2265. We'll always be happy to help.