Online Scams with Artificial Intelligence: How to Protect Yourself?

Online financial scams are entering a new stage of development due to the use of artificial intelligence, which allows criminals to create increasingly convincing fake messages, profiles, voices, and videos. This is stated in a new information material from the European supervisory authorities – the European Banking Authority (EBA); the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), announced the Financial Supervision Commission (FSC), which is part of ESMA.

The information material is aimed at raising public awareness of the growing threat.

Scammers are already using content generation technologies that can imitate the voices of loved ones, bank employees, or public figures. Such contacts are often made through social networks, messaging applications, emails, or unexpected phone calls. The consequences can be serious – financial loss, identity theft, and even psychological stress.

Warning signs:

• Promises of quick profit
• Urgent requests for money or personal data
• Suspicious links
• Requests to install applications or provide access to a device

Types of scams:

• Representing another person through so-called deepfake technologies
• Phishing messages and social engineering
• Investment or insurance schemes with false offers
• Romantic scams through social networks
• Fraudulent purchase offers outside official platforms

How to protect yourself:

• Check the source of messages
• Do not open unsolicited links
• Use strong passwords and multi-factor authentication
• Be careful with offers that seem "too good to be true"
• Create a secret "safe word" with your family

If you become a victim of a scam:

• Stop contact with the perpetrator
• Contact your bank
• Change all passwords
• Report to the police or the relevant financial regulator

Experts also warn about the so-called "recovery scams", in which criminals pose as institutions and promise to return lost funds for a fee – a practice that usually leads to new losses.

The experts' conclusion is clear: with the development of artificial intelligence, scams become more convincing, but attention, verification of information, and caution remain the strongest means of protecting consumers.

In early February, the FSC warned companies that work with crypto assets. They were urged to strengthen their protection measures due to identified attempts at fraud and illegal entries in the Trade Register and the register of non-profit legal entities.