You might remember logging online in the early days of the internet and excitedly checking your email, only to encounter an onslaught of sketchy-sounding messages about receiving an inheritance, claiming a prize, or aiding a displaced foreign dignitary. These classic, early-internet-era cons—like the famous Nigerian prince scam—were some of the first examples of social engineering schemes in the digital age.
Social engineering efforts are designed to exploit human greed, trust, and sometimes naivety. They leverage psychological tactics to manipulate people into sending funds, sharing credit card details, or revealing other forms of sensitive personal data. And while today’s social engineering scams still have echoes of those early dial-up days—go check your email’s Trash folder, and you’re almost sure to find familiar subject lines like “claim your prize!”—such efforts are rapidly becoming more sophisticated and less easily detectable.
In the era of generative AI and Web3, online con-artistry has evolved to encompass everything from deepfake videos to sophisticated investment frauds. The proliferation of social media platforms—and the mounting hours per day we spend on them—as well as ever-growing repositories of digital data are fertile ground for hackers with a taste for identity theft, romantic fraud, and more.
Bitdefender, a leading cybersecurity solution provider, can help you stay safe in an ever-evolving threat ecosystem. Below is a quick look at how scams and schemes have adapted to our modern era—and the steps you can take to stay ahead of the curve.
Crypto cons and the digital gold rush
Cryptocurrencies, with their promises of decentralisation and financial freedom, have attracted not only legitimate investors, but also a new breed of cybercriminals. Unlike traditional financial systems, crypto transactions are irreversible, making them particularly prone to fraud.
Often, crypto scams involve tricking victims into thinking they’re purchasing real crypto coins—but instead, they’re sending funds directly into scammers’ pockets. Sometimes, fraudulent coins are simply bogus; other times, they’re Ponzi schemes in a modern-day disguise.
Other crypto-related scams involve Initial Coin Offering (ICO) fraud, fake exchange platforms that disappear once victims have made a deposit, and cryptojacking, or the unauthorised use of someone else’s computer to mine cryptocurrency. In 2023, Fraud.org saw a 152% rise in crypto-related scams over the previous year.
To watch out for crypto scams, be sure you’re taking steps like:
- Thoroughly researching investments: Always do your homework. Look for credible reviews and read up on a project’s viability.
- Using reputable exchanges: Stick to popular, widely used cryptocurrency exchange platforms with an established track record
- Staying sceptical of “sky-high” return promises: Investments that sound too good to be true probably are. Be wary of claims of “guaranteed” returns.
Bad actors embracing AI
The AI explosion we’ve seen over the past couple of years has been a double-edged sword. On one hand, technologies like generative AI have revolutionized industries from marketing to finance with a slew of helpful features like predictive analytics and personalised customer experiences. On the other hand, they’ve equipped scammers with weapons to create more convincing, targeted, and adaptive scams.
Deepfake technology, an AI-fueled method of making realistic video or audio recordings, has emerged as a powerful tool in scammers’ arsenals. By impersonating trusted figures or relatives in distress, scammers can manipulate victims into transferring funds or divulging sensitive information. Similarly, AI-generated phishing emails can now bypass traditional detection systems, mimicking loved ones’ or colleagues’ writing styles and habits—a far cry from the easily spotted scams of yesteryear.
“Cyber-physical” hacks are also on the rise thanks in part to AI. Though these hacks typically target governments, critical infrastructure, and enterprise-level networks and databases today, it’s not beyond the realm of possibility that in the future they may impact smart homes, autonomous vehicles, or other devices connected to the Internet of Things (IoT).
How to stay safe in an AI-fueled scam ecosystem
The complexity of today’s cyberthreat landscape necessitates a multi-layered approach to cybersecurity. It’s critical for consumers and enterprises alike to secure their devices at each entry point and keep up to date on the latest AI-affiliated scams.
A few ways to do this include:
- Regularly update your software: Keep all devices updated with the latest firmware and security patches to help guard against known vulnerabilities.
- Segment your networks: Separate devices like IoT-connected smart home systems from a home’s main network to limit the spread of attacks should a device be compromised. If you work from home, consider using a distinct network with unique login credentials for work vs. personal use.
- Deploy advanced security solutions: Utilise cybersecurity solutions specifically designed to protect against AI threats.
- Prioritise education and awareness: Be cautious about the amount of personal information you share with apps, social platforms, and smart devices.
In this era of remarkable opportunity and innovation, an extra dose of vigilance is key to safely making the most of modern technologies. Check out Bitdefender’s suite of home and workplace software solutions to stay a step ahead of the latest scams and schemes in 2024 and beyond.
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