New features available on our updated Mobile App
Follow these steps to log in.
Learn More
coming-soon-digital-banking
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

How to avoid AI scams

January 17, 2025
4
min read

AI is everywhere these days, but with this rapid advance of technology comes new challenges.

Cybersecurity graphic finger pointing

AI is fundamentally changing the way we interact online, and scams are a prime example of that.

Before AI was widely accessible, it was easier to spot scams. You knew the telltale signs: A typo-ridden email claiming you won a contest you never entered, or a plea from a prince begging you to send money overseas.

Now, scams are becoming increasingly sophisticated, and that’s in part due to AI.

AI scams are easier and faster to generate, which allows fraudsters to target more victims. They’re also harder to detect, since they’re more personalized and grammatically correct.

Using Generative AI, scammers can create text, audio, videos, and images to make their scams more convincing. That means you need to take extra precautions to protect yourself.

As AI scams become harder to detect, we’re spreading awareness on how to spot them. Read up on the latest AI scams here:

AI scams to watch out for

AI scams contain many of the same hallmarks, including:

  • Requests for personal information. Be skeptical whenever you’re asked to provide bank account information, contact details, or your Social Insurance Number (SIN), regardless of who the request appears to be from. Never give out this information on an inbound call. Instead, call the known business directly so that you’re 100% sure you’re talking to the intended recipient.
  • Sense of urgency. When you’re rushed into making a decision, you’re less likely to think things through. Fraudsters use this high-pressure tactic so that you overlook the warning signs of their scam.
  • Asking for money. A common tactic scammers use is asking you to send gift cards – a transaction that’s difficult, if not impossible, to track and reverse. Avoid any third-party transaction systems not offered directly by your financial institution.
  • Too good to be true. You’ve found what appears to be an amazing deal online – but could AI be behind it? When you see an investment opportunity or online product that looks too good to be true, it probably is.

Next up, we’re covering some of the most common AI scams you may come across:

Voice cloning

You receive a call from someone who sounds just like your family member. They claim to be in trouble and ask you to wire them money, fast. It seems suspicious, but their voice is so familiar.

What you’re experiencing is an AI voice cloning scam.

Scammers will use any voice clips they can find of someone online and use it to train AI. The result is a generated voice clip that sounds exactly like someone you know.

How can you spot an AI voice scam? Caller ID isn’t the best reference, because even that can be spoofed. Instead, the best way to verify someone’s identity is to hang up and call their number directly.

Deepfakes

Deepfakes are generated images and videos, created using AI that’s trained with real photos and videos of that person.

The result is media that looks incredibly convincing and often perpetuates a harmful message – like encouraging you to invest in something that’s actually a scam.

A common example of this is how scammers create fake videos of celebrities to endorse fake investments. They’re harder to detect than you might think.

Once you “invest” your money, the website may send you AI-generated earning reports claiming your investments are successful – but in reality, the money is long gone.

Online shopping

Find an item online that looks too good to be true? An amazing-looking product paired with a low, low price – what’s the catch?

The ad you’re looking at may be using AI-generated images. If you place an order, the product you receive may be drastically different than what you’re expecting – or it may not arrive at all.

To make sure you’re shopping safely, check out our blog on 7 ways to avoid Facebook Marketplace scams.

How to avoid AI scams

To protect yourself, you can:

  • Double-check your sources. Verify any claims or information you come across online through another source. For example, if someone calls you and claims to be your loved one, hang up the phone and call their number directly. If you’re shopping online or considering investing through a site you haven’t used before, look up the site or product and see what other people say about it.
  • Be mindful of what you share online. The personal information you post on social media could be used to create a personalized AI scam that targets you or your loved ones. Learn more about social engineering scams.
  • Practice good cyber-hygiene. As always, we encourage you to use unique passwords for all accounts, set up two-factor authentication, update your device software regularly, and set up a password manager.
  • Bookmark our Cybersecurity Centre. To help protect our members, we’ve created a Cybersecurity Centre: A resource page with helpful articles, FAQs, and tips on staying cybersafe.

We hope this article helps you spot and avoid AI scams. To spread the word, share this post with others and help keep them safe them, too!

Today’s Rates

*All rates and yields subject to change without notice.
No items found.

Want to Discuss with an Advisor?

We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.

“I had a wonderful experience at Cambrian. I've been with the same institution for the last 21 years and all the fees and restrictions have finally pushed me into wanting to make some changes.

My advisor was prepared for my arrival with all the documents ready and waiting. He took the time to go over each one...”

Read full client story
Stephan

on his experience with Cambrian

five stars
4.9

Need a loan Buying a Home?
Check out these Resources

Check out these Resources