Artificial Intelligence (AI) is everywhere. For instance, NBC utilized AI to transform how people viewed and interacted with the Olympics. AI was even used to provide Olympic updates using the AI-generated voice of a well-known announcer.
There is no doubt that beyond the Olympics, AI holds the promise of enhancing the quality of life of millions of individuals.
Unfortunately, with great technological advancement come those who want to exploit it for their gain at the expense of others. Welcome to the world of criminal AI.
Corporations and non-profits should beware of an explosion of fraud/scams utilizing Artificial Intelligence. Here are a few prominent examples of this growing crime:
1. Phishing Scams
These have become far more convincing. Scammers are using AI to craft realistic emails that appear to come from business partners, vendors, banks, etc. The emails often contain malicious links or attachments designed to steal sensitive information or install malware on the recipient’s system. **I recently was able to avert the theft of sensitive information after being alerted to a new scam that poises official communication from the United States Postal Office. It came to an office member as an official-looking text message, who warned me of its arrival.
2. Bombing by Bots
AI Bots flood online review platforms with negative news, which can go viral quickly and damage a brand's reputation. It also proves hard to have these removed promptly due to the difficulty distinguishing these complaints from real ones. **Institutions involved in controversial social causes are more likely to be attacked.
3. Application and Verification Fraud
For example, AI-generated fake employment documentation is prevalent, such as ID cards, pay stubs, educational degrees, etc. This is problematic for institutions when new mid- or high-leadership hires lack proper qualifications.
Mitigating Strategies:
· Regularly update and audit cybersecurity protocol.
· Focus on team member training to educate them to recognize and quickly respond to phishing attempts.
· Use multi-factor authentication and strong passwords.
· Utilize old-fashioned background checks and social media investigations to verify past employment and education.
· Review training and ensure refresher courses for mid- and upper-level management.
Investment can greatly mitigate future risks to the institution and its Team Members.
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