AI Fraud: Know The Risk

As you navigate the digital realm, it’s crucial to remain vigilant about the constantly evolving fraud risks driven by Artificial Intelligence (AI). Scammers are increasingly turning to AI because it empowers them to swiftly analyze vast datasets, pinpoint potential targets more effectively, and tailor their scams to seem genuinely legitimate, thus boosting their chances of success.

To shield yourself from these risks, you can take several proactive steps. A significant part of this involves keeping yourself informed about the latest scams and fraudulent tactics. By doing so, you enhance your ability to detect potential dangers before falling into their deceptive traps. Here are some of the most prevalent AI-fueled scams:

  1. Phishing Scams: Phishing schemes have stood the test of time and have only become more sophisticated with the integration of AI. Scammers employ AI to craft convincing emails or messages impersonating reputable organizations. For instance, you might receive an email that appears to be from your bank, urging you to update your account details by clicking on a link. While the website may seem authentic, it’s actually an imposter seeking to obtain your login credentials.
  2. Imposter Scams: Imposter scams involve fraudsters posing as trusted entities like government agencies or utility companies. AI technology empowers scammers to mimic voices and manipulate victims into believing their legitimacy. For example, you may get a call from someone claiming to be from the IRS, pressuring you to divulge personal information or make immediate payments. While it might sound legitimate, the IRS does not conduct such calls.
  3. Tech Support Scams: Tech support scams falsely offer assistance with computer issues. Scammers may employ pop-ups or phone calls to persuade individuals to provide access to their devices or pay for unnecessary services. For instance, you may encounter a pop-up asserting that your computer is infected and urging you to call a toll-free number for immediate assistance. This is, in reality, a scam aimed at separating you from your money.
  4. Grandparent Scams: Grandparent scams exploit emotions by pretending to be a distressed grandchild in need of money urgently. AI technology allows scammers to research and personalize their approach, making the scam more convincing. For instance, you might receive a phone call from someone claiming to be your grandson, requesting funds to bail him out of jail. Be assured that your grandson is likely not in jail; this is a scam, and you should hang up.
  5. Deepfake Scams: Deepfake technology, powered by AI, poses a growing concern in the realm of fraud. Scammers can utilize AI algorithms to manipulate videos or images, creating realistic yet fraudulent content featuring well-known individuals. This can be exploited for various scams, such as impersonating celebrities or public figures to deceive individuals into believing false narratives or engaging in financial transactions.
  6. Malware Attacks: AI-powered malware attacks have become more sophisticated, making them harder to detect and prevent. Scammers leverage AI to create intelligent malware that can evade traditional security measures and exploit vulnerabilities in computer systems or networks. For instance, you might unknowingly download a seemingly harmless file, but behind the scenes, the malware is infiltrating your computer.

Guarding yourself against AI-driven fraud necessitates a blend of awareness, caution, and education. Exercise caution when faced with unsolicited requests for personal information, immediate payments, or access to your devices, whether through email, phone calls, or pop-ups.

Always independently verify the identity of individuals or organizations contacting you. Do not solely rely on the information provided by the caller or the content of an email. Use official contact information from trusted sources to verify the authenticity of the communication.

By staying informed about the latest scams, recognizing the signs of AI-driven fraud, and implementing guidance from reputable sources, you can safeguard your financial well-being in the digital age.


1 AARP. “Phishing.” Aarp.Org, 2 Sept. 2021, Accessed 14 Jul. 2023.

2 Federal Trade Commission: Consumer Advice. “Imposter Scams.” Consumer.Ftc.Gov, 18 May 2016, Accessed 14 Jul. 2023.

3 Waterman, Genevieve. “The Top 5 Financial Scams Targeting Older Adults.” National Council on Aging, 27 Jul. 2022, Accessed 14 Jul. 2023.

4 Waterman, Genevieve. “The Top 5 Financial Scams Targeting Older Adults.” National Council on Aging, 27 Jul. 2022, Accessed 14 Jul. 2023.

5 AARP. “Tech Support Scams.” Aarp.Org, 1 Apr. 2022, Accessed 14 Jul. 2023.

OneAscent Financial Services, LLC (“OAFS”), d/b/a Provident Oak Financial, is a registered investment adviser with the United States Securities and Exchange Commission. OAFS does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by OAFS or any unaffiliated third party. OAFS is neither an attorney nor accountant, and no portion of the presented content should be interpreted as legal, accounting, or tax advice. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly