AI scams – spot and protect yourself from new types of scams | Nordea

AI frees up resources for criminals

Today it is possible to create text, images, videos and audio files with AI tools and applications. AI can be employed for harmless purposes, such as entertainment, but is also increasingly used for harmful and criminal purposes.

Criminals are using AI in different stages of scams. In romance scams, for example, a huge number of initial contacts with victims can be made with AI bots. Only after a victim has been drawn in by a bot, the criminal will engage in discussions with them.

Quality of scams has improved

With the help of AI, criminals can collect and process a larger amount of information they find online. With this data they can create more credible and targeted scams and phishing messages.

Technology is evolving fast, and the quality of content produced by AI is improving all the time. This makes it even more challenging to spot a scam. Phishing messages are well-written and do not necessarily contain spelling errors. It can also be challenging to tell the difference between a phishing website and a legitimate website.

Therefore, it’s important to pay attention to how you are directed to different websites online. You should be careful with links in emails, for example. The safest way to navigate to a website is to type the entire URL in your browser’s address bar.

Harmful use of AI

Misinformation and disinformation: Fake news or misleading information that is spread and distributed intentionally or unintentionally. The aim is to influence public opinion on certain matters and people.
Fraud: Cyber criminals create convincing scams to gain financial benefit.
Reputational damage: Content intended to tarnish the reputation of individuals, groups or organisations.

Deepfakes are hard to detect

Today, it is challenging to detect deepfake audio and video material. Criminals spread their scams with deepfake videos featuring figures that look deceptively like celebrities. You should keep in mind that these videos are fake.

Deepfakes are likely to play a growing role in scams. Criminals are able to produce increasingly realistic audio, images and video using AI tools. Especially investment scams are marketed with deepfake videos that seem to feature celebrities, social media influencers or politicians.

Fake videos and images are also used in romance scams. Experts predict that deepfakes will increasingly be created not only of public figures but also of ordinary people. This means that a criminal pretends to be a friend or family member of the victim and tries to manipulate them into making payments.

Misuse of personal data in scams

Read more about identity theft

Scams are still created by people

AI can make it faster and easier to create and carry out scams. It can enhance efficiency and credibility, but scams are still created by people – criminals with a motive to deceive other people.

How to protect yourself from AI scams

Stay alert and be sceptical.
You should question any unexpected or unusual contact especially if you are asked to make a payment.
If you suspect that a video is a deepfake, check if the speaker’s lips move in sync with the voice. Are there strange variations in the tone of voice or background sounds, pauses in the audio or strange intonations?
If you are having an ordinary phone call or video call and suspect a deepfake, ask a question only the real person could answer. Check the identity of the speaker through some other channel or face-to-face.
Trust your instinct – if you suspect a fake, it could be a fake.

Fraudcast: How is AI used in cybercrime?

Can I trust my own eyes and ears online any longer, as AI can create a deepfake video of anyone in just a few seconds?

Luckily, AI can also be used to fight fraud. Nordea’s anti-fraud experts Lasse Riihimäki and Sara Helin discuss AI and cybercrime with Head of Threat Intelligence Laura Kankaala from F-Secure.

Can’t see the video? You can listen to Fraudcast directly on the following platforms: Spotify, SoundCloud and YouTube. The podcast is in Finnish. However, subtitles are available in Swedish and English on Youtube.

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According to the survey commissioned by us, nearly half of all Finns think that scams created using AI are harder to detect.

Read more about the survey Opens new window

In Hongkong, an employee working in financial administration of a company was scammed to transfer over 25 million US dollars from the company’s assets.

Read Nordea’s press release Opens new window

Man with tablet in sofa.

The best way to protect yourself from scams is to know how to spot them. Stay one step ahead of fraudsters by learning about the various types of scams that are out there.

Learn about common scams