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Increased Use of Artificial Intelligence in Fraud

As the use of artificial intelligence becomes more common, online scammers are increasingly leveraging this technology to carry out sophisticated schemes aimed at stealing money from unsuspecting individuals and businesses.

Courtney Kincaid, President and CEO of the Indiana CPA Society, emphasizes the growing trend of scammers utilizing AI to enhance their fraudulent activities. Small business owners, in particular, are urged to remain vigilant in order to protect themselves from falling victim to these AI-driven scams.

With the rise of AI-enabled fraud, it is crucial for individuals and businesses to implement robust security measures to combat such threats. One effective strategy recommended by Kincaid is the adoption of multi-factor authentication for all online accounts, coupled with the use of strong, complex passwords that are not easily deciphered. Additionally, educating and training staff on the importance of authentication and password security is essential to safeguarding against potential breaches.

Despite the introduction of various consumer protections, Kincaid cautions small business owners against complacency, especially on social media platforms where sensitive personal information can easily be exposed. Scammers are constantly innovating, with one emerging tactic involving AI voice mimicking to deceive victims into divulging sensitive information or authorizing fraudulent transactions. As a precautionary measure, Kincaid advises individuals to refrain from answering calls from unfamiliar numbers to avoid falling prey to such schemes.

In the unfortunate event of a security breach or being targeted by a scammer, Kincaid stresses the importance of promptly notifying your CPA to facilitate swift and effective actions in securing your accounts and information.

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