Cybercrime is expected to cost the world an estimated $10.5 trillion annually by 2025 according to Cybersecurity ventures, a dramatic rise highlighting the new level of sophistication in scams powered by artificial intelligence.
Federal Trade Commission (FTC) experts say cybercriminals are leveraging AI to stay a step ahead of law enforcement, creating schemes that even the most cautious individuals can find difficult to detect.
"I've certainly been targeted," said Will Maxson, Assistant Director of the FTC's Division of Marketing Practices. "I've gotten plenty of text messages, phone calls, and emails that I'm quite certain were scams."
According to Maxson, AI-powered scams have gotten harder to spot, with even government officials falling victim. Scammers are refining old tricks with new AI tools, making their deceptions nearly flawless.
"You can have extremely accurate voice cloning done very quickly," Maxson said. "Video cloning has become better and better, more seamless, and harder to spot, really every day."
The FTC reported that Americans lost more than $10 billion to fraud in 2023 alone, marking a 14% increase from the previous year.
AI-driven scams now go beyond traditional signs of fraud, such as misspelled emails. They feature flawless fake logos, doctored images, and even pieces of real personal information—like partial Social Security numbers—to appear more legitimate.
Older Americans are especially vulnerable, with seniors reporting nearly $2 billion in fraud losses last year. The National Council on Aging (NCOA) has noted this troubling trend.
Phyllis Weisberg, a 90-year-old widow, fell victim to one of these scams, losing $20,000 from her checking account.
"My first reaction was total embarrassment, that I would do anything that stupid," Weisberg shared. Now, she's warning others to stay vigilant. "All I can do is hope that my story helps just one person."
Cybersecurity expert James Lee warns that AI has expanded the range of potential victims. "The target today is 25 to 45... they're actually targeted more frequently, and the attack is more successful," Lee noted.
He advises verifying unsolicited calls or emails, even if they appear to come from a trusted source. "They do the exact same thing that a normal business does... They target their customers," Lee explained.
As artificial intelligence advances, scams will likely become even more prevalent. While it's impossible to fully prevent these attacks, experts emphasize that vigilance and precautionary steps can make a difference in safeguarding personal information and finances.
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