With the emergence of Artificial Intelligence (AI) and an increase in tech scams, older Americans are becoming particularly vulnerable to financial fraud and other malicious attacks in 2022. According to recent research conducted by the Federal Trade Commission (FTC), the cost of these scams has risen to over one billion USD.
AI technology has become an invaluable tool for the numerous hackers and scammers attempting to access personal financial information of unsuspecting victims. AI programmes allow fraudsters to quickly and efficiently assess user data that is gathered online, such as their date of birth, addresses, personal emails and passwords. This data is then used to craft highly targeted scams to specifically target older individuals who may not have the same level of technological sophistication that younger generations possess.
The most common of these scams include unsolicited phone calls, emails, and texts claiming to offer free services or prizes. These services and prizes usually come with a hidden price tag, in which the victims are often asked to provide their credit card information or pay upfront fees. Fake investment opportunities are also on the rise, as scammers take advantage of this tech trend to entice users into buying certificates of deposits, stocks, and other products with no guarantee of returns.
Unfortunately, with more and more scammers adopting AI to their schemes, it can be hard to spot the difference between these malicious attempts and GENUINE offers. The FTC urges all citizens, especially those of retirement age, to research any offers for services or products, to ask for written contracts and documents, and to avoid any deals that require the sharing of personal financial information.
It is also important to stay up to date with the latest scams and online security protocols, as hackers and scammers are constantly innovating new ways to take advantage of vulnerable people. It is estimated that the total cost of scams targeting older persons was more than one billion USD in 2022, and that this figure is likely to increase as the power of AI technology continues to grow. Thankfully, there are ways to protect yourself and your loved ones from these schemes, so that all individuals can enjoy a safe and secure online experience.