AI is making it much easier for cybercriminals to steal your life savings

Cybersecurity experts have warned that countless people could lose their savings in the coming years as advancements in AI make it much easier for criminals to get their hands on people’s money.

A lawyer who helps individuals recoup lost savings after being victimized by cybercrimes, Marc Maisch, warned in a recent interview with the German Die Welt newspaper that a major crime wave is on the horizon in which clever cybercriminals could scam millions of people out of their money with help from AI tools.

He explained: “AI is a great tool, but of course cybercriminals also use it to create phishing emails in order to have ChatGPT write malicious code that can be used immediately. And we haven’t yet talked about deepfakes and voice phishing, i.e., faces and voices are recreated.”

AI voice cloning scams are one concern that has been on the rise lately, with new technology enabling thieves to clone the voices of people they are targeting on social media so they can create fake calls in which they contact the victim's friends or family, impersonating the victim and claiming they are in danger and need money or access to sensitive information right away.