We’ve all seen how quickly technology is changing our lives. Artificial Intelligence (AI) tools like ChatGPT (now the fifth most visited website globally) are becoming part of everyday conversations. While these new technologies bring exciting possibilities, we’re also seeing them used in ways that are putting others at risk.
As October is Cybersecurity Awareness Month, we want to share what we’re seeing: many people are still learning how AI works and its possibilities, and unfortunately, scammers are using AI as part of their tactics. Experts estimate that AI-driven scams could lead to $40 billion in losses by 2027. Us at American Riviera Bank wants to help you stay prepared and not fall for these rapidly developing scams.
Remember those obviously fake messages with terrible spelling? Those are becoming relics of the past. Today’s scams are more sophisticated and personal, using AI to improve on existing fraud tactics.
With AI, scammers can:
As we shared in our Guide to Data Privacy, your personal data—like your online activity, photos, and even voice clips—can be used to make these scams more believable. That’s why protecting your digital footprint is more important than ever.
You don’t need to use AI yourself to become a target. These scams can affect anyone. The best course of action is to gain knowledge about AI and learn the "tells."
| Scam Type | Quick Description | Real-Life Example |
| Deepfake Impersonations | Altered video, audio, or images that convincingly mimic trusted individuals (family, colleagues, officials). | The $25 Million Video Call: In early 2024, an employee at a British firm was scammed out of $25 million after being convinced by an entire video conference call full of AI-generated deepfakes of his CFO and colleagues. |
| AI-Enhanced Phishing | Flawless emails and messages tailored to the recipient's personal behavior or public interests, often with extreme urgency. | WPP CEO Clone: Scammers used an AI voice clone of WPP's CEO, Mark Read, and a fake Teams meeting to try and trick an employee into setting up a fraudulent business and transferring money. (To learn how to recognize these, review our tips on avoiding phishing scams.) |
| Invoice & Vendor Fraud | Using AI to generate highly realistic fake invoices, legal documents, or court orders to trick businesses into making unauthorized payments. | (For businesses, we wrote a more in-depth blog on preventing vendor email compromise.) |
| Romance Scams | Creating highly personalized and emotionally manipulative online romantic interactions to exploit individuals for money or information. | (To protect yourself, read our full blog on romance scams.) |
Imposter scams in particular are on the rise with the use of AI, which is why the ABA recently released an infographic on deepfakes to help educate people on how to recognize and respond to this growing threat.
The most reliable defense remains human skepticism and layered verification. Follow these essential rules to protect yourself, family, and business:
If you suspect you’ve fallen victim to an AI-powered scam, take these immediate steps:
AI has transformed scams into sophisticated, scalable, and emotionally manipulative threats. What has proven to be the most reliable defense against these threats is human skepticism, layered verification, and community awareness.
To give you an extra layer of protection, ARB has partnered with Carefull, a cutting-edge financial safety service that is free to all our clients, providing 24/7 account monitoring and AI-powered fraud detection.
As Cybersecurity Awareness Month continues, we are releasing a new blog every week of October with new tips and insights to help you stay ahead of emerging threats. If you've missed our previous blog covering AI in financial fraud, be sure to check it out!
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