Hari Ravichandran, founder and CEO of the online safety product Aura, recently experienced a sophisticated scam designed to defraud him. A scammer pretended to have someone’s identity and shared a story of a mistaken wire transfer. The “victim” claimed that her bank had mistakenly wired Ravichandran her family’s down payment for a new home and urgently requested him to return the money.
The scammer not only contacted Ravichandran but also reached out to multiple company executives, utilizing what appeared to be a legitimate email address and social media profiles. They even arranged a Zoom meeting with a purported bank employee to discuss the matter. Ravichandran knew better than to trust this story reflexively, despite worrying about the potential consequences for the woman if the story were true.
The scheme fell apart when his lawyer joined the Zoom call, and the supposed bank employee’s conversation quickly became nonsensical. The lawyer suspected they were dealing with an AI-powered deepfake, highlighting how advanced scams have become. Cryptocurrency scams are expected to increase as crypto becomes more mainstream.
One common con is “pig butchering,” where scammers digitally groom victims over time before asking for cryptocurrency. These scams often involve false promises of lucrative investments or fabricated personal crises. Biasini, head of outreach for Cisco Talos Intelligence Group, advises using certified professionals to explore cryptocurrency and sticking to well-known exchanges.
Targeting executives with advanced AI scams
Avoid sharing personal information or engaging in crypto discussions on social media. While multifactor authentication (MFA) adds a layer of security, criminals are finding ways to bypass it.
Some criminals steal cookies containing login credentials to access victims’ email accounts and intercept MFA codes. The FBI recommends regularly clearing browser cookies and being cautious about selecting “remember me” options when logging in. Phishing scams targeting workplaces are on the rise, often focusing on higher-level employees like CEOs or CFOs.
These schemes involve urgent requests to wire money, appearing legitimate through the use of real-sounding communications and stolen accounts. Large language models (LLMs) make it easier for scammers to craft convincing prompts. LLMs and deepfake technology have given scammers powerful tools to scale their operations.
They can conduct convincing conversations using chatbots programmed with regional accents and use deepfakes to create vocal or visual clones of known individuals, making it difficult for victims to remain skeptical. Ravichandran emphasizes the importance of skepticism in interactions involving money and personal data. Regularly change passwords and use password managers to create complex phrases.
Additionally, use services that monitor financial accounts and credit to spot signs of fraud and identity theft. Ravichandran warns that anyone can become a scam victim, regardless of their level of education or sophistication.
Noah Nguyen is a multi-talented developer who brings a unique perspective to his craft. Initially a creative writing professor, he turned to Dev work for the ability to work remotely. He now lives in Seattle, spending time hiking and drinking craft beer with his fiancee.
