Last year witnessed a notable surge in cyberattacks targeting bank clients, with experts warning that the rise of artificial intelligence (AI) could fuel the next wave of online fraud. In a disturbing trend, cybercriminals are leveraging doctored videos featuring recognizable personalities to deceive unsuspecting victims. Tomáš Stegura from the Czech Banking Association revealed that initial attempts have already been made using fake videos of prominent figures, including a Czech bank CEO urging investment.

The COVID-19 pandemic spurred an unprecedented increase in internet usage and online transactions during 2020 and 2021. Even as restrictions eased, consumer behavior remained digitally oriented, leading to continued growth in online shopping. As the number of online shoppers rises, so does the pool of potential targets for attackers, making them increasingly attractive to cybercriminals.

Fraudsters commonly employ tactics such as deceptive phone calls or counterfeit websites to extract sensitive information from individuals, gaining access to their electronic banking credentials. One favored method involves coercing victims into installing remote desktop management programs, granting the fraudsters complete control over their computers.

The emergence of AI presents a new frontier for cybercriminals. With AI becoming more accessible, criminals are poised to exploit its capabilities, particularly in enhancing the credibility of fraudulent websites and conducting convincing video calls where scammers impersonate trusted individuals. Advertisements on social media platforms featuring impersonations of famous personalities like presidents or CEOs aim to establish trust and lend credibility to fraudulent schemes.

Of particular concern is AI’s ability to generate lifelike fake videos, where well-known figures might endorse investments or endorse scam websites. While early attempts like the fake bank CEO video were detectable, AI advancements threaten to blur the lines between reality and deception, diminishing the credibility of online recommendations.

To combat this evolving threat landscape, banks are enhancing security measures and verification protocols to ensure clients interact with genuine counterparts. When confronted with suspicious calls or messages invoking famous names, clients are advised to verify such communications through official banking channels to mitigate the risk of falling victim to sophisticated scams.

As cybercriminals continue to evolve their tactics, vigilance and skepticism remain crucial in safeguarding against online fraud in an increasingly digital world.

Article by Prague Forum