Artificial Intelligence (AI) is a technology in which machines are able to simulate human intelligence. Unlike humans, AI has the ability to process large amounts of information very quickly. It’s no surprise that scammers exploit this tool and use it to target you with more realistic phishing attacks! 

AI Invoice Scams

Let’s say you receive an email with an invoice that needs to be paid. You were expecting to receive an invoice, and at a glance, it appears to be genuine. You open the attachment in the email and make the payment, but the money never reaches the intended recipient. When you paid, all the money went straight into the scammers’ bank accounts. This scam is known as a business email compromise attack. 

What Happened?

Scammers used AI to alter the financial information in the invoice. They use AI-based tools to quickly search compromised email accounts. The AI identifies emails that contain attached invoices or other financial information. Then, it swaps the real account information with account numbers belonging to the scammers. The scammers then send you an email containing the fake invoice. So even though you think you’re making a real payment, you’re actually transferring money directly to their bank accounts!

What Can I Do to Stay Safe?

Follow the tips below to stay safe from AI phishing scams:

• Consider the email’s context, timing, grammar, and other details. For example, was the invoice sent during normal business hours? Was it sent using an expected payment method like a financial portal?
• Never give out your personal information like credit card numbers, bank account numbers, or social security numbers unless you know who you are dealing with. Always be mindful of unusual requests and verify authenticity!
• Be suspicious of emails that contain a sense of urgency. Cybercriminals use a sense of urgency as an attempt to catch you off guard and get you to act impulsively.

For additional information about online scams and cybersecurity visit our website: https://www.myunionstate.bank/services/mobile-and-online-banking/online-security-tips

Please Report Scams

If you spot a scam, please report it to the Federal Trade Commission.

• Call the FTC at

1-877-FTC-HELP

(1-877-382-4357)

or TTY

1-866-653-4261.

• Go online: ftc.gov/complaint

Your report can help protect other people. By reporting fraud, you can help the FTC’s investigators

identify the scammers and stop them before they

can get someone’s hard-earned money. It really makes a difference.

Information provided courtesy of Federal Trade Commission. FTC.gov/PassItOn