The never-ending saga of new tech being used for good, as well as bad, continues. While enforcement agencies chase criminals for bad actions, the crooks keep upping their game making it difficult to stop the perpetrators.
The US Commodity Futures Trading Commission (CFTC) has posted a warning that should be obvious to all (it isn’t). Criminals are using Generative AI to doop unsuspecting consumers and businesses.
In the memo the CFTC stated that new tech is making easier than ever to create bogus videos, images, chats and social media profiles to lure the unsuspecting to part with their hard earned money.
The CFTC states:
“The technology is also increasingly being used in relationship investment frauds, the FBI recently reported.1 The technology is being used to improve website functionality and content. Criminals outside the United States commonly target U.S. residents. Generative AI tools are used to assist with language translations and correct grammatical or spelling errors that may have raised suspicions in the past. AI-powered chatbots may also provide the appearance of legitimacy or prompt victims to click on malicious links. The same AI capabilities make it easier and faster to create fake social media profiles that target people looking for friendship, trading information, or advice. Images and Video Criminals create realistic images for fake dating or social media profiles using AI. They make fraudulent identifications and forge government or financial documents to help their schemes. Perpetrators also use generative AI to produce convincing photos and videos to share with targets in private communications to “prove” the online contact is a “real person.” Technology can now be used to alter real-time video chats. With a smartphone app or free, open-source software, criminals could alter their appearance or use other images to change their facial features.”
As always, if it sounds too good to be true, it probably is. Limit what others can see on social media, never send crypto or money to people you do not know. And never share sensitive information on social media. Ever.