New AI Scams: How to Keep Your Money Safe Online

You've probably heard a lot about how artificial intelligence (AI) can make our lives easier, but there's a flip side: scammers are now using it too. These cybercriminals are getting smarter, using AI to create more convincing fake messages, emails, and even phone calls that are harder to spot. It's a growing problem, with significant amounts of money being lost overseas, showing just how effective these new tactics can be.

Traditionally, a scammer might make obvious mistakes in an email, like bad grammar or strange formatting. But with AI, they can now craft nearly perfect messages that look incredibly legitimate, often impersonating banks, government departments, or even people you know. Imagine getting a phone call where the voice sounds exactly like your child or grandchild asking for urgent help – that's the kind of sophisticated scam AI can enable, known as 'voice cloning' or 'deepfakes'.

For Aussie small business owners, this is particularly concerning. A sophisticated scam could trick an employee into revealing sensitive information or transferring funds, leading to major losses. For parents and retirees, the emotional manipulation possible with AI-generated voices or images is a real threat. It means we all need to be more vigilant than ever and understand that if something feels off, it probably is.

So, what can we do? The key is to be sceptical. Always double-check requests, especially those asking for money or personal details, by contacting the organisation or person directly using a known phone number, not one provided in the suspicious message. Never click on suspicious links. And remember, no reputable organisation will ever ask for your passwords or bank details over email or text. Staying informed about these new AI-powered threats is our best defence against falling victim.