The use of artificial intelligence (AI) is contributing to an increase in fraudulent activity on dating and social media apps, according to experts from the European Union's law enforcement agency.
Danger of AI
The top financial crime specialists at Europol told The Guardian that thieves may target several victims simultaneously using scripts developed by AI.
"There is a trend of more and more cases of people saying 'I'm a doctor in a war zone' and asking for funds to be transferred out of that zone. They say they also need to get the family out," said Sebastian Bley, director of the Europol economic crime division in The Hague.
Another Europol official, Burkhard Mühl, added: "It can involve tens of thousands of euros in one case."
Fraudsters are also targeting a wide variety of groups, from individual investors to tax authorities, via the use of complex "bogus boss" schemes that include phony websites, resumes, and investor profiles.
Devastating consequences, including the depletion of life savings and, tragically, suicide, may ensue.
The EU police force examines fraud patterns as part of its efforts to curb transnational and organized crime. Scammers are reportedly finding it simpler to employ AI, and there has been an uptick in misuse of big language technologies like ChatGPT.
Large language tools, according to Mühl, allow you to compose thousands of personalized communications in several languages, each with its own unique target audience and narrative, all from the comfort of your laptop, no matter where you are.
Internet Scams
The Tinder Swindler, a Netflix documentary that went viral less than two years ago, detailed the story of a guy who used his false identity to defraud many women of their money. One of these victims lost approximately $270,000 in loans.
Bley and Mühl detailed the tragic outcomes and, in some instances, "revictimization" that occurred when unscrupulous financial advisors promised assistance in recovering lost funds.
Although numbers are lacking, Mühl did mention that investigators had heard stories of "people jumping out of the window" after losing their pension funds in investing schemes. According to Bley and Mühl, the most effective course of action is to contact the authorities. Yet, they hold the belief that investment fraud is not adequately reported due to the stigma associated with the subject.
Mühl warned that the victims are affected by more than just the monetary loss. Furthermore, it causes psychological harm.
British authorities have seen a 40% increase in general investment fraud via text messaging scams.
In the realm of fraud, AI is introducing scale efficiencies that have never been observed before, Bley said. He added that classic forms of fraud need a great deal of preparation time in order to build confidence with their victims via a lengthy storyline. This can be eliminated by AI, allowing for industrial-scale victim fishing.
