Current scams look and sound more real than ever before, says Standard Bank.
Standard Bank is warning the public about fraudsters that are using artificial intelligence (AI)-generated voices and e-mails to impersonate bank officials.
The big-four bank has witnessed a rise in these types of spoofing scams in recent months.
Spoofing is a deceptive tactic where criminals impersonate trusted entities, like banks, by manipulating caller ID or e-mail addresses to appear legitimate.
Standard Bank warns that these scams are increasingly difficult for customers to identify, as calls and e-mails appear to come from their banks’ legitimate contact details.
“With the rapid development of AI, we have seen an alarming enhancement in spoofing techniques,” says Athaly Khan, head of fraud risk management at Standard Bank. “Current scams look and sound more real than ever before.”
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Artificial intelligence gives fraudsters access to advanced technologies like voice cloning, deep-fake videos, chatbots and AI-generated phishing e-mails, making consumer awareness more critical than ever, notes the bank.
“Stay safe, stay alert. Know what not to do, and what not to share,” adds Khan.
