It was a bright summer morning, and Julie was enjoying her cup of coffee while checking her Facebook account. Suddenly, a new message popped up – it was from her grandson, Robert. Julie was thrilled to hear from him as she hadn't seen him in a while, but he was asking for her help. He told her that he was in trouble and needed money urgently, and he couldn't talk about it over the phone. Julie was worried about Robert and asked him how much money he needed. Robert told her that he needed $5000 to get out of trouble.
Julie was confused but also very concerned about Robert's safety and didn't want him to be in trouble. She asked him how she could send him the money. Robert told her about a new app that he had recently started using – an AI-powered financial app that could transfer money easily and quickly. He assured her that it was safe and secure and that she wouldn't have to worry about anything. Julie trusted her grandson and agreed to send him the money using the app.
This is just one example of how con artists use AI apps and social engineering to target parents and grandparents for theft.
With the rise of AI-powered financial apps, con artists have found a new way to target parents and grandparents for theft. These apps are designed to make financial transactions easier and quicker, but they also open up new opportunities for fraudsters to exploit vulnerable people.
They typically use social engineering tactics to gain the trust of their victims. Social engineering is the use of psychological manipulation to trick someone into revealing sensitive information or performing an action they wouldn't normally do. Con artists use this technique to gain the trust of their victims and convince them to hand over money or personal information.
The scenario described earlier is a classic example of a family member impostor scam. The fraudster poses as a family member or friend in distress and asks for money urgently. They may also use fake social media accounts or phone numbers to make their story more convincing. Once the victim agrees to send the money, the fraudster will provide a link to an AI-powered financial app, which they claim is safe and secure. However, the app is usually fake or compromised, and the victim ends up losing their money.
Another common scam is the tech support scam, where the fraudster poses as a tech support agent from a reputable company and claims that their victim's computer is infected with a virus or malware. They convince the victim to give them remote access to their computer and ask for payment to fix the problem. Once they have access to the victim's computer, they can install malware or steal sensitive information.
Prizes/sweepstakes/lottery scams and government impostor scams are also common tactics used to target parents and grandparents for theft. In these scams, the fraudster claims that the victim has won a prize or has been selected for a government grant. However, to claim the prize or grant, they need to pay a fee or give out personal information, such as their Social Security or bank account number. Once the fraudster has this information, they can use it for identity theft or other fraudulent activities.
So, how can you protect your parents and grandparents from falling victim to these scams?
By being vigilant and knowledgeable about these scams, you can protect your loved ones from falling victim to con artists who use AI apps and social engineering tactics to steal from vulnerable people.
Curated by Team Akash.Mittal.Blog
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