- Cybersecurity
ChatGPT Scams to Look Out For and How to Prevent It
Jon Erdmann
Chief Information Technology Officer
Making the decision to buy a home is a big one, but there are more benefits to buying versus renting:
"What is ChatGPT?"
ChatGPT is an artificial intelligence (AI) chatbot that uses natural language processing to create humanlike conversational dialogue.
What Do ChatGPT Scams Look Like?
While ChatGPT and similar AI technologies have numerous legitimate applications, they can also be exploited by fraudsters to target customers of financial institutions. It's essential to be aware of potential risks and vulnerabilities.
Here are several ways in which ChatGPT could be misused for fraudulent purposes:
- Phishing Scams: Fraudsters can use ChatGPT to create convincing phishing messages. These messages might appear as legitimate communications from a financial institution, requesting customers to click on malicious links or provide sensitive information like account numbers, Social Security numbers, or login credentials.
- Social Engineering: ChatGPT can be used to manipulate and deceive users through personalized interactions. Fraudsters may engage in conversations with users, gaining their trust over time, and then exploit this trust to extract sensitive information or convince them to take harmful actions.
- Account Takeover: ChatGPT could be employed to assist in account takeover attempts. Fraudsters may use the AI to craft convincing password reset requests, posing as legitimate customers who have forgotten their credentials. This could lead to unauthorized access to accounts.
- Investment Scams: ChatGPT can be used to create fraudulent investment offers or financial advice that appears legitimate. Unsuspecting users might be persuaded to invest in fake opportunities, leading to financial losses.
- Data Mining for Targeting: Fraudsters can use ChatGPT to gather information on potential targets by scraping publicly available data or using social engineering techniques. This information can then be used to craft more convincing and personalized attacks.
- Impersonation: ChatGPT can be used to mimic the communication style of legitimate customer service representatives. This could deceive customers into thinking they are interacting with a trusted source when, in fact, they are communicating with a fraudster.
- Automated Attacks: ChatGPT can be employed to automate attacks on a large scale. For example, it could be used to send a high volume of phishing messages, making it easier for fraudsters to find victims.
How Can You Prevent ChatGPT Scams?
To mitigate these risks, financial institutions and customers should take several precautions:
- User Education: Educate customers about the risks of interacting with AI-powered chatbots and how to identify potential scams.
- Multi-Factor Authentication: Enforce multi-factor authentication for account access to add an extra layer of security.
- Encryption: Ensure that all communications with customers, including those involving chatbots, are encrypted to protect sensitive information.
- Security Audits: Regularly audit and update security protocols to identify and patch vulnerabilities.
- Monitoring: Employ AI-based monitoring systems to detect unusual or suspicious user interactions and take action accordingly.
- Identity Verification: Implement robust identity verification processes to confirm the authenticity of users before granting access or providing sensitive information.
- Regulation and Compliance: Financial institutions should adhere to industry regulations and standards for data protection and cybersecurity.
While ChatGPT offers many benefits, it is crucial for both financial institutions and customers to remain vigilant and adopt security measures to protect against potential fraudulent activities that may leverage this technology.
Fun Fact - This was written by ChatGPT in a matter of seconds.
Report Fraud + Scams
Did you receive a text, call, or email about your VISIONBank account that was suspicious? Fill out the form below to report it!
** Reminder, if you have given out any sensitive information (account number, debit card number, Social Security number, or digital banking credentials please contact us immediately at 701.364.2020. **