Introduction
Experts from Europol claim that thieves can target thousands of victims at once thanks to artificial intelligence.
According to Europol experts, hostilities in the Middle East and Ukraine, along with artificial intelligence, are driving a surge in fraud on dating and social media networking apps.
The agency’s top financial crime experts told the Guardian that scripts created by artificial intelligence allow thieves to target many victims at once.
“There is a trend of more and more cases of people saying ‘I’m a doctor in a war zone’ and asking for funds to be transferred out of that zone,” stated Sebastian Bley, head of the Europol economic crime team in The Hague. They claim that evacuating the family is equally necessary.
In one example, it can entail tens of thousands of euros, according to Europol’s chief of the financial and economic crime unit, Burkhard Mühl.
Additionally, they issued a warning about the surge in “bogus boss” scams, in which con artists create a complex network of fictitious websites, resumes, and investor profiles to deceive a variety of targets, including tax officials and individual investors.
Devastating effects may include the loss of life savings and, in certain situations, suicide.
Fraud trends are analyzed by the EU’s law enforcement agency, which is tasked with preventing and combating international and organized crime. Scammers are reportedly finding it simpler to raise their success rate thanks to AI, and Mühl noted that there is a rise in “abuse using large language tools like ChatGPT.”
He went on, “You can write thousands of customized messages in different languages with different targets and stories using large language tools, and you can do that with your laptop from anywhere.”
Less than two years have passed since the Tinder Swindler Netflix documentary exposed a man who deceived numerous women out of their money by pretending to be the son of a wealthy diamond tycoon. One of the victims lost around €250,000 (£215,000) in loans. This coincides with the surge in dating fraud.
Mühl advised against sending money to someone you haven’t met in person, no matter how amazing their tale.
When dishonest financial advisors offered assistance to recover money, Bley and Mühl discussed the disastrous results and, in certain situations, the “revictimization” that resulted.
People who invest in a variety of items occasionally lose their entire life savings. Although we don’t have any numbers that truly go into those issues, our investigators have told us about some really dramatic situations where people have jumped out of windows after losing their pension money in investing schemes, Mühl added.
According to Bley and Mühl, the best course of action is to report the crime to the authorities; yet, they think that investment fraud goes unreported because of people’s embarrassment.
The victims experience more than just monetary loss. It also causes psychological harm, Mühl continued.
According to British authorities, there has been a 40% increase in general investor fraud in the UK through text message scams since ChatGPT was introduced.
According to Bley, AI is giving the fraud industry access to economies of scale never before possible. He continued by saying that conventional fraud requires a lot of time to fabricate stories and entice victims to follow along with a convoluted tale until they gain confidence. AI can eliminate this, making it feasible to fish for victims on an industrial scale.
“You have to spend a lot of time fabricating stories and finding the right victim if you meet someone in person,” Bley added. “Once you have feedback from a user on the platform, you can target a larger audience online and maintain engagement.” Simply go on to the next one if you see it won’t work. Approaching individuals is now a lot simpler.
According to Europol, it thought Europe was the target of lawbreakers acting outside the European Union due to its “high standards of living” and “people’s ability to invest money.”
Authorities in India dismantled a Bitcoin scheme targeting Austrians last year, which was run out of a Delhi contact center.
Fraudsters pretended to be Interpol agents and called Austrians to inform them that they were being investigated by the police; however, if they used a Bitcoin ATM to exchange money, the investigations would come to a stop.
Criminals were able to take €50 million from several businesses and “major corporations that you would not consider to be victims” in a recent instance involving a “bogus boss,” according to Mühl.
The thieves were “very clever,” they knew business setups, they had created fictitious websites, and they had managed to connect with investors by presenting them with “discount” shares.
AI and Social Media Integration
To improve user engagement, social media sites have also incorporated AI. Artificial intelligence (AI) is pervasive in social media, with applications ranging from content curation based on personal preferences to user interest prediction. Long-term usage is encouraged and people are kept captivated by this degree of personalization.
The Impact of AI on Dating
AI is a key component in transforming the matchmaking process in the dynamic world of online dating. Dating apps use sophisticated algorithms to examine user habits, hobbies, and preferences to provide more precise and tailored matches. Users benefit from a more effective and fulfilling dating experience as a result.
Conclusion
In conclusion, whereas AI has revolutionized social media and dating with previously unheard-of ease and inventiveness, the increase in fraud is an inevitable side effect. It is incumbent upon users, platforms, and regulatory agencies to collaborate in order to address this issue as a whole. We can only expect to achieve a balance between the advantages of AI and safeguarding people from fraudulent activity by taking a comprehensive and collaborative approach.