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March is Fraud Prevention Month and the Canadian Anti-Fraud Centre together with police services is reminding people to be aware of and on the lookout for potential fraud. According to Statistics Canada, fraud cases in Canada have almost doubled over the past ten years, surging from 79,000 in 2012 to 150,000 in 2022. This increase shows that fraudsters are becoming more skilled, and technology like Artificial Intelligence (AI) is helping them improve their old tricks.
AI can be used to quickly produce texts, emails, and messages in the style and language of a specific person. It can be used to clone anyone’s voice. And in just minutes, it can be used to make fake images, audio, or videos of real people.
Telemarketing scams have existed for years, but fraudsters can use voice cloning to make them harder to spot. A trusted company calls to offer a better plan or a better rate. It sounds like a great deal, but be on the lookout. Fraudsters can pretend to be from any well-known company and offer convincing deals to trick people into giving away personal information. Their goal is to steal the victim’s identity, money, or better yet, both. This impersonation is very convincing, and even those who are scam-savvy can fall for it.
Fraudsters use professional-sounding scripts and can fake a company’s phone number by using advanced technology. They may use pressure tactics to get their victims to act quickly, hoping they will act on the fear of missing a “special offer”. Some telltale warning signs are high-pressure sales tactics needing quick action, deals that sound too good to be true, calls from an unknown or suspicious number, and requests for personal information, such as account details, passwords, or PINs. If you believe you have encountered deceptive telemarketing scams, report it to the Competition Bureau or the Canadian Anti-Fraud Centre.
With the help of AI, fraudsters can impersonate a well-known company or individual to promote fake products or services or generate a convincing fake investment opportunity. Chatbots can create and spread fake reviews that sound and look like real people wrote them. Scammers can also impersonate family and friends. They do this by manipulating videos and recordings found on social media to produce realistic voice clips. Create a secret word to use as a failsafe between family and friends to combat voice cloning scam requests. Be skeptical. Ask yourself why a public personality is calling you personally. Scammers often target victims of fraud a second or third time with the promise of recovering money. Always do due diligence and never send recovery money.
Online ads or videos which feature a public figure promoting an investment opportunity, or any other promotion they do not normally do should have viewers questioning its authenticity. Look closely for unusual body or lip movement in videos, strange phrasing or inconsistencies, irrelevant content, and mistakes in names or other information. Experienced fraudsters can create websites and emails that mimic real companies’ logos. If an email requires a user to click on a link to check on an account, be wary. Exit the email, go to the website and log in as normal to check for activity or warnings.
The key is to protect oneself. If someone receives a phone call claiming to be from a service or credit card provider, they should hang up and call the provider back using the official number on their website or the number provided on the back of the credit card. Remember, financial service providers will never ask for sensitive account details like a password or PIN during a call.
In ‘Bank Investor’ scams the imposter gains their victim’s trust by contacting them about fraud on their account. This may be a direct voice call, or they may send a text first. The imposter will change the caller ID to look like the bank and may know some information about the victim’s account. The imposter may use threats to get the individual to cooperate with “an investigation”. They may tell the person not to call their bank because there is a “gag order” or because a fraudster might be tipped off. Banks will not phone to ask for one-time codes or a PIN, nor will they send couriers to collect your cards or PINs to help with an investigation.
Scammers can target anyone, regardless of age or income. The best way to avoid becoming a victim of fraud is to be informed and vigilant. Take a moment to think carefully before giving out personal information or sending any money. If being asked to buy a gift card to pay someone, know that it is a scam. Scammers request funds via gift cards because they are notoriously hard to track. Once a gift card number and PIN are shared with a fraudster, they can access the funds on the card. Gift cards are for gifts, not payments.
Some safety precautions include:
Never share personal information, one-time codes, passwords, usernames, or other personal details over the phone.
Stay cautious – If something seems too good to be true, it probably is.
Be vigilant when opening and responding to emails.
Stop, hang up, and call back if you are ever unsure about who you are speaking to, however, ALWAYS call the number on the back of the credit card or on an original document received when opening the account. Never return a call to the number displayed if unsure about who the person is.
Regularly check for unauthorized transactions or changes in your bank account.
Review credit card statements carefully every month for suspicious transactions. Any transaction, even if only for a few dollars, should be reported. Scammers might be testing your vigilance before going in for a big take.
If you or someone you know, has been a victim of fraud, always report it. This will help authorities track down fraudsters and better protect everyone. Tell family, friends, neighbours and co-workers about your experience. You may prevent someone else from becoming a victim.
Share any updates with the Canadian Anti-Fraud Centre, your financial institutions and the police.
More information and resources are available at the Canadian Anti-Fraud Centre at antifraudcentre.ca
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