Artificial intelligence-powered voice cloning tools have made it easier for criminals to imitate the voices of strangers and trick victims into handing over large sums of money.
For example, scammers may target victims posing as grandchildren and claiming to need cash immediately. Older adults who are less familiar with new technology, such as AI, may be more susceptible to this type of scam, especially if the person on the other end of the line sounds like their loved one. Phone numbers can also be spoofed to imitate a caller’s phone number known to the target of the voice cloning scam.
According to FBI data, seniors were defrauded of approximately $3.4 billion in various financial crimes in 2023. The agency recently warned that AI is making criminal fraud more “credible” because it can “assist content creation and correct human errors that can be red flags for fraud.”
Also commonly known as the “grandparent scam,” this scammer impersonates a person’s loved one and claims that the person is in trouble or needs cash immediately for some kind of emergency.
“A lot of it is based on psychology and limbic system hacking,” Chuck Herrin, field chief information security officer at security and fraud prevention firm F5, told CBS MoneyWatch. “They say things that trigger a fear-based emotional response because they know that fear makes us stupid and subtracts our best judgment.”
How to create a safe word for your family
The good news? Cybersecurity experts and law enforcement officials offer simple but effective recommendations to avoid falling victim to such scams. It is about creating a family “safe word” along with steps to verify the identity of family members and loved ones.
This means choosing words and phrases that are not easy to guess. Obvious identifiers like street names, alma maters, or other information readily available online are unwise, experts say.
“It needs to be unique, it needs to be hard to guess,” James Scobey, chief information security officer at Keeper Security, told CBS MoneyWatch. “It shouldn’t be information that can be researched online about you or your family. Avoid including street names, towns, phone numbers, or personal names as part of your passphrase.”
A secure phrase consisting of at least four words provides a higher degree of security, he added.
Verify caller identity
Following basic habits like using safe words is your first line of defense against scammers.
“This is a massive operation. They don’t care about you, they only care about bad security. They’re stirring up thousands of people they found on the dark web,” F5 said. Herrin told CBS MoneyWatch. Comparing cybersecurity threats to physical vulnerabilities, he said, “If you have the right security posture in place, you’ll probably be fine. But if you leave your windows open, you might lose your TV.” It will become.”
If you receive a request for financial assistance, ask the caller to verify their identity. The key is to always ask for a safe word before sending money.
“Family Safe Words can be a very useful tool when used properly,” said Eva Velasquez, CEO of Identity Theft Resource Center, a nonprofit organization focused on identity security.
Velasquez gave an example of a fake grandchild calling his grandparents and saying things like, “I’m in jail and I need help, but I’m so distraught I can’t remember my password.” When stressed or emotional, the victim may take it out on the person suffering and endanger themselves.
“I think it’s a very useful tool, but you have to explain to your family how it works and make sure they don’t use it voluntarily,” she said. “There have been several incidents where the victim has said the safe word first without letting the other person say the safe word.”
