TZUTC: -0500   
   MSGID: 1088.consprcy@1:2320/105 2c78ce59   
   PID: Synchronet 3.20a-Linux master/acc19483f Apr 26 202 GCC 12.2.0   
   TID: SBBSecho 3.20-Linux master/acc19483f Apr 26 2024 23:04 GCC 12.2.0   
   BBSID: CAPCITY2   
   CHRS: ASCII 1   
   AI is fueling the biggest financial scams ever - cyber safety experts are   
   fighting back   
      
   Date:   
   Thu, 01 May 2025 08:49:56 +0000   
      
   Description:   
   The recent Bybit hack has highlighted an alarming trend: cybercriminals are   
   increasingly leveraging AI alongside advanced social engineering techniques.   
      
   FULL STORY   
   ======================================================================   
      
   The recent Bybit hack  the largest crypto heist in history  has highlighted    
   an alarming trend: cybercriminals are increasingly leveraging AI alongside   
   advanced social engineering techniques such as deepfake technology and   
   targeted phishing to execute financial scams at an unprecedented scale.    
      
   The sophistication of these attacks underscores the urgent need for    
   continuous innovation in cybersecurity to counter evolving threats in the   
   digital landscape. As AI continues to shape the future of financial fraud,    
   the primary challenge is ensuring that security measures evolve by    
   defensively leveraging AI to outpace increasingly intelligent and deceptive   
   cybercriminal tactics.   
      
   How AI is Transforming Scams    
      
   The number of financial scams is on the rise, and while not all are driven by   
   AI, the technology is clearly amplifying both their scale and success rate.    
   AI is being used to personalize scams, making them more convincing and   
   difficult to detect. A recent notable example saw deepfake videos of Elon    
   Musk promoting fraudulent cryptocurrency giveaways, exploiting Musks trusted   
   public persona.    
      
   Victims were lured in through hijacked social media accounts and fake   
   investment schemes, believing they were engaging with legitimate   
   opportunities. The scam resulted in over $7 million in stolen funds before it   
   was detected and shut down.    
      
   Another concerning trend is the rise of AI-powered phishing attacks. Unlike   
   traditional phishing emails, which often contain errors and generic language,   
   AI-generated phishing campaigns use machine learning to tailor their language   
   and formatting, significantly enhancing their believability. These attacks    
   are further enhanced by AI chatbots programmed to engage with victims in real   
   time, convincing them to divulge sensitive information or transfer funds.   
      
   AI is Turning Social Media into a Hotbed for Phishing Scams   
      
   AI-powered scams are increasingly being distributed through social media.   
   Platforms with targeted advertising are becoming prime targets for    
   fraudsters, enabling precise demographic targeting with highly convincing   
   scams.    
      
   According to Gens Q4/2024 Threat Report, Facebook accounted for 56% of total   
   identified social media threats, followed by YouTube at 26%, X (formerly   
   Twitter) at 7%, with Reddit and Instagram each accounting for 5% and 4%.   
   Scammers exploit these platforms to distribute deceptive online ads   
   (malvertising), fake e-shops, and phishing campaigns, leveraging AI to    
   enhance the believability and reach of their schemes.    
      
   As AI continues to enhance scam sophistication, social media platforms remain   
   one of the most vulnerable spaces, requiring both users and businesses to be   
   increasingly vigilant. Without stronger safeguards, cybercriminals will   
   continue to manipulate these platforms, making it imperative for security   
   measures to evolve in tandem with these emerging threats.   
      
   The AI Arms Race Between Cybercriminals and Cybersecurity Defenders   
      
   While AI is being leveraged by fraudsters, it is also a crucial tool in   
   countering cybercrime. AI-driven security systems can detect fraudulent   
   activity in real time by analysing behavioral patterns and identifying   
   anomalies. These technologies help flag suspicious behavior, detect deepfake   
   content and prevent financial fraud before it occurs.    
      
   AI-powered fraud detection tools can now recognize scam patterns across   
   multiple platforms, including social media, email and messaging apps .   
   Automated threat response mechanisms help intercept phishing attacks before   
   reaching users, while AI-enhanced content verification can identify and   
   mitigate deepfake scams. As threats continue to evolve, these technologies   
   play an essential role in securing both individuals and businesses from   
   financial fraud.   
      
   Staying One Step Ahead of AI-Powered Scammers    
      
   Individuals should remain vigilant with unsolicited financial requests,    
   verify identities during high-stakes interactions, and use multi-factor   
   authentication to secure their accounts. While it's helpful to look for   
   deepfake indicators  like unnatural blinking or mismatched lip movements   
   AI-generated videos are becoming so realistic that spotting them with the   
   naked eye is quickly becoming impossible. Thats why its essential to rely on   
   verification practices, not just visual cues. Avoiding oversharing personal   
   information on social media is also crucial, as scammers can exploit this    
   data to craft highly targeted and convincing attacks.    
      
   Businesses should adopt a proactive approach. Employee training on AI-driven   
   scam tactics is essential, as is implementing strict financial verification   
   procedures that require multiple approvals for large transactions. Companies   
   should deploy AI-based fraud detection systems to identify anomalies in   
   financial transactions and proactively monitor brand impersonation attempts    
   on social media and the web. Additionally, fostering a security-aware culture   
   within the organization strengthens overall defense.    
      
   As AI continues to shape both cyber threats and defenses, security strategies   
   must evolve at the same rapid pace. Integrating AI-driven security automation   
   is no longer optional  it is essential for staying ahead of increasingly   
   sophisticated fraud tactics.    
      
    This article was produced as part of TechRadarPro's Expert Insights channel   
   where we feature the best and brightest minds in the technology industry   
   today. The views expressed here are those of the author and are not   
   necessarily those of TechRadarPro or Future plc. If you are interested in   
   contributing find out more here:   
   https://www.techradar.com/news/submit-your-story-to-techradar-pro   
      
   ======================================================================   
   Link to news story:   
   https://www.techradar.com/pro/ai-is-fueling-the-biggest-financial-scams-ever-c   
   yber-safety-experts-are-fighting-back   
      
   $$   
   --- SBBSecho 3.20-Linux   
    * Origin: capitolcityonline.net * Telnet/SSH:2022/HTTP (1:2320/105)   
   SEEN-BY: 105/81 106/201 128/187 129/305 153/7715 154/110 218/700 226/30   
   SEEN-BY: 227/114 229/110 111 114 206 300 307 317 400 426 428 470 664   
   SEEN-BY: 229/700 705 266/512 291/111 320/219 322/757 342/200 396/45   
   SEEN-BY: 460/58 712/848 902/26 2320/0 105 3634/12 5075/35   
   PATH: 2320/105 229/426