When Ally received a frantic voice message from her daughter Gemma, she felt like her heart was going to stop.
“Mum, it’s Gemma. I’m in trouble. Can you please, please put five thousand dollars into my account right now?”
The voice was unmistakably Gemma’s – same tone, same cadence, same mannerisms – but something just didn’t feel right. There’d been a spate of reports lately about these super-realistic scam voice messages, and Ally decided to do some due diligence before acting. She gave Gemma a quick call, and it was clear: the message was a fake – a perfect example of vishing, this new wave of AI-driven scams that use your voice to try and trick you into handing over cash.
The thing is, with AI getting more powerful and more accessible all the time, these sorts of scams are evolving fast, and they’re getting more and more convincing.
AI Is Changing Everything – But Scammers Are Threatening To Ruin Your Financial Future
AI is transforming the way we live and work in all sorts of amazing ways. In just medicine alone, its imaging and diagnostic tools are saving lives. And it’s not just medicine; the financial planning industry is being changed by these technological advances, especially as scams get more and more sophisticated. But where there’s innovation, there’s always going to be exploitation. And as our lives get more and more digital and interconnected, the opportunities for cyber-criminals to get in on the action just keep growing. This means we’re seeing a growing need for people who can help individuals and businesses protect themselves from these evolving threats.
Voice cloning. Deepfake videos. AI-generated emails, texts and messages. These scams don’t look like the dodgy phishing attempts of the past; they’re slick, personalised and designed to make you feel scared, or like you’re running out of time, or that you can trust the person on the other end of the line.
So the question is:
Can you spot an AI scam if you saw one?
The Most Common AI Scams (and What To Do About Them)
Below is a rundown of the major types of generative-AI scams that are currently doing the rounds, how they work, and what to do if you think you’ve been targeted. It’s really important to understand the risk these scams pose to your finances and the need for ongoing education to stay one step ahead.
- Vishing (Voice Cloning Scams): Scammers clone your loved one’s voice and send you a message telling you to hand over cash or personal details – pronto.
- Deepfake Video Scams: Artificially generated videos that look like they’re of a real person – often a public figure or a friend – asking you for money or telling you to invest in some dodgy scheme.
- AI-Generated Text Scams: Emails, texts or messages that an AI has crafted to sound just like the real thing – often from a legitimate organisation.
- Romance & Relationship Scams: Using AI to create fake profiles, images and conversations that make you fall for someone new – and then scam you out of money.
- Scammers may also target your insurance and investment accounts, which could put your overall financial planning at risk.
At the end of the day, these scams all have one thing in common: they try to make you feel scared, or like you’re running out of time, or like you can trust them.
Good budgeting and investment strategies can help protect your cash from the impact of scams. Consider talking to a professional about how to safeguard your financial wellbeing in the face of these evolving threats.
Why These Scams Work So Well
Scammers are able to exploit two things:
- Our instinct to protect the people we care about, and
- Our trust in familiar voices, images and messages.
Even the most vigilant people can get caught out because the technology is so advanced – and so widely available. Getting a handle on common scam tactics and seeking the expertise of a financial planning professional can give you a much better chance of protecting yourself from these tricky threats.
Staying one step ahead of these threats isn’t easy, even if you’ve got the latest antivirus software. But that doesn’t mean you’re powerless.
How To Protect Yourself In A World Of Deepfakes
Staying safe online now requires a mix of scepticism, verification, and good old-fashioned common sense. Try to make these habits part of your daily digital life:
- Don’t click links or respond to urgent requests without checking who they’re really from.
- Be sceptical – even if a message appears to be from someone you know – about whether it’s really them and not someone who’s just pretending.
- Verify by giving the person or organisation a quick call or email to check whether the message is real or not.
- Use trusted resources like the government’s Scamwatch website to stay up to date and report any suspicious activity that you see.
- Seek out professional financial advice from a qualified adviser who’s got your best interests at heart and can help you create and implement a plan to protect your finances.
A good adviser will help you achieve your financial goals and protect your family and wealth. They can help you with the important stuff, like superannuation, retirement planning, estate planning, taxation and insurance, all of which are essential for both individuals and business owners.
And remember: AI may be clever, but it can’t feel. Your human ability to pause, question and check is what keeps you safe.
Reporting Scams: How to React If You Become a Victim
If you’ve got a scam focused on you, it’s crucial that you move as fast as you can to protect your financial future and stop other people from getting sucked in as well. First things first, you’ve got to get in touch with the relevant authorities – like ASIC or the ACCC. These guys have the resources to start investigating, and they can give you some much-needed guidance on what to do next.
When you do report it, try to gather as much info as possible – everything about the scam, the emails or messages you got, and any records of money you’ve lost. This is important for the authorities, and can also help your financial advisor come up with a plan that’ll help you get back on your feet.
It’s a good idea to get some expert financial advice from a reliable planner or advisor at this stage – someone who can help you figure out where you stand financially, come up with a strategy to get back on track and work out what you’re aiming to achieve. A financial services guide can give you some practical advice on your options and help you make some informed decisions, which is great for giving you back some confidence about your finances.
Get in touch with us, for all your financial planning needs.