International Fraud Awareness Week 2024
November 10 - November 16
International Fraud Awareness Week
The web is a useful tool to our digital world. But on the contrary there’s an unpleasant side to this useful tool. Let’s talk about International Fraud Awareness Week! In our digital society, scammers are adapting to evolving technology and using to their advantage. Let’s take a closer look!
What is a Fraud?
A fraud is when someone intentionally misrepresents the truth, withholds or conceals important information, resulting in harm and illegal activity. In the past, frauds use to be committed by one person but now the methods of committing fraud have evolved into not just one criminal but a global network with several hackers in the team.
How have Scammers Evolved?
During International Fraud Awareness Week, we want to educate people on how scammers have evolved using technology with their approach of targeting individuals with AI generated frauds and scams. By staying informed, people can better protect themselves from these schemes and ensure their personal and financial information remains secure.
🎭AI-generated Scams
AI-generated scams are on the rise, with voice replication tools now more accessible and affordable due to advancements in AI. Scammers can convincingly mimic the voices of loved ones, using AI-powered calls, videos, and emails to deceive victims. The Federal Trade Commission advises verifying any alarming calls by contacting the person directly and being cautious if the caller requests money through untraceable accounts. Additionally, creating a safeword with family members can help distinguish real emergencies from scams.
Check out this TIME article about how a mother nearly fell for a scam involving her daughter. The daughter’s voice was impersonated by an AI-generated voice clone, making the call sound frighteningly real.
😈Deepfakes in fraud
Deepfakes—often dubbed the digital chameleons of our time—can convincingly mimic people’s faces, voices, and even their behaviors. While they can be used for entertainment or artistic purposes, they also pose a serious threat when used for malicious activities. In the realm of fraud, deepfakes can be exploited to create fake videos or audio clips that impersonate trusted individuals, such as business executives or public figures. These falsified media can be used to deceive people into transferring money, sharing confidential information, or spreading misinformation.
This CNBC article is about how deepfake scams have robbed millions from companies and is expected to get worse.
💵Cryptocurrency-related fraud
Cryptocurrency-related fraud has become increasingly sophisticated as scammers have evolved alongside the growing adoption of digital currencies. Modern schemes include elaborate fraudulent trading platforms, and impersonation scams, where attackers pose as trusted figures to lure victims into sending cryptocurrency to fake addresses. Other way is fake celebrity endorsements and investment advice spread via social media, have become common, capitalizing on the hype and confusion surrounding digital currencies.
Check out this CNN article about how cryptocurrency spams have increased by 45% since last year.
📱Social Engineering Through Social Media
Social engineering through social media is highly effective tool for scammers. Modern fraudsters use the personal information users share online to craft highly convincing schemes. This include impersonating friends, family members, or trusted entities like banks or companies to manipulate individuals into sharing sensitive information or transferring money. Scammers also exploit the trust users place in social platforms, often posing as influencers or using fake accounts to promote phishing links, fraudulent investments, or malicious giveaways.
Check out Claudiu Popa’s Interview on CBC about advice on avoiding common scams.
What is KnowledgeFlow doing to Help Prevent Fraud?
During International Fraud Awareness Week, we want to provide accessible resources to educate people on how to identify and prevent fraudulent activity. We recommend joining our Phishing Campaign where you will receive harmless phishing emails to test your ability to spot them. After head over to our Cybersafety Academy to explore various courses we offer about what to look for in scams and other useful tips. Lastly, download our tip sheets and learn how to report scams and frauds, available on our resources page, to help protect yourself from frauds.
