Listen: warning issued due to rise of AI scams

We are being warned about the growing threat Artificial Intelligence (AI) poses to us as it emerges that fraudsters have already scammed more than £1 billion from our bank accounts since the start of the year.

Almost half of us (48%) are feeling more at risk of scams as scammers become increasingly sophisticated in how they use advances in technology to overcome the measures financial institutions put in place to protect us. Conventional scams are difficult enough to spot, but AI-based scams are even more dangerous because they are even harder to detect.

Despite us losing on average £83.69 as a result of scams in the last year, with them costing men (£93.48) more than women (£70.22), fewer than a third (30%) of us report the incident to the bank, according to Raisin’s research, with only a quarter notifying the relevant online sales platform, with more than one in four (27%) not reporting the scam at all. This may be due to an emotional cost, with us most likely to feel very angry (28%) and anxious (27%), while 23% develop trust issues.

Aston spoke to finance expert at Raisin Kevin Mountford.

Photo by Colin Watts on Unsplash