Standard Bank is sounding the alarm! Artificial intelligence (AI) is being used by fraudsters to create increasingly sophisticated scams, making it harder than ever for South Africans to protect their money. The bank has reported a surge in "spoofing" incidents where criminals use AI-generated voices and emails to impersonate bank officials.
AI-Powered Fraud: How it Works
According to Standard Bank, these scams are incredibly convincing because they appear to originate from the bank's legitimate contact details. Athaly Khan, the bank’s head of fraud risk management, emphasizes the alarming enhancement in spoofing techniques due to the rapid development of AI. Current scams are virtually indistinguishable from genuine bank interactions.
Fraudsters are leveraging AI to access technologies like:
- Voice cloning
- Deepfake videos
- Chatbots
- AI-generated phishing emails
This makes consumer awareness absolutely crucial, says Khan.
The Vishing Combination: A Dangerous Tactic
Spoofing, where criminals manipulate caller ID or email addresses, is often combined with "vishing" scams. In these scams, criminals call customers using numbers that appear to be valid Standard Bank numbers. The calls mimic genuine bank interactions, including security questions and disclaimers. To gain your trust, they might even reference personal details like your birth date or address.
The caller typically claims to be calling about a service offering or to validate suspicious activity. Once they create a sense of panic, they offer fake solutions, such as transferring funds to a "safe" account or sharing sensitive information like one-time Pins.
Protect Yourself: Key Takeaways
Standard Bank urges its customers to be extremely vigilant and to verify the authenticity of any communication, especially requests for sensitive information. Never share your PIN, password, or one-time password (OTP) with anyone. If you're unsure about a call or email, contact Standard Bank directly using a verified phone number or email address.
Stay informed, stay alert, and protect yourself from AI-driven fraud!