3 ways to protect your bank account from AI financial fraud
AI has opened more doors for scammers, but the right identity protection toolkit can help you stay ahead of threats.
For as long as money has existed, humans have been finding ways to scam each other. From tampering with scales used in ancient trade systems to forging modern banknotes, swindlers have always been hard at work.
Today, they’re armed with technology that gives them an unprecedented advantage over standard fraud detection techniques. That’s why it’s more important than ever to protect your identity using modern, effective security tools.
Artificial intelligence fraud
Artificial intelligence (AI) is highly advanced software that mimics human thought processes to accomplish tasks with incredible speed and precision.
Once upon a time, content produced by AI was laughably distinguishable from content produced by humans (think people with six-fingered hands and ultra-elongated necks).
Now it’s becoming tougher to distinguish between real and fake images, videos and documents. And there’s no shortage of fraudsters taking advantage of the confusion.
AI fraud is of increasing concern in Canada. A recent TD Bank survey revealed that AI advancements are making 75% of Canadians feel more vulnerable to fraud, while 82% believe that scams are getting harder to identify.
Some of the ways AI is used to commit fraud include:
- Deepfake impersonation. Drawing on publicly available media, AI can recreate the images and voices of real people, helping scammers steal personal identities and access money and data without authorization.
- Fake online content. It doesn’t take much for AI to simulate real human online activity by designing websites for illegitimate businesses, generating social media content for fake profiles and circulating articles with information that may or may not be accurate.
- Misleading financial opportunities & advice. Investors may be lured into giving their hard-earned money to AI-focused companies that are overly hyped or that simply don’t exist. Individuals relying entirely on AI for financial advice can be misled by inaccurate and incomplete data.
Staying safe in the digital era means finding solutions that proactively defend against threats and expediently resolve security breaches if they occur.
Look for services that bundle multiple anti-fraud tools into one convenient package to save yourself the hassle of managing different products and payments.
Learn more about Equifax Complete Protection
Shield your devices
AI is a double-edged sword. It can level up traditional internet searches and boost work productivity. But in the wrong hands, it can enhance efforts to create and circulate malicious code that can break through the digital walls shielding your personal data and finances.
Make sure the antivirus and antimalware software you use offers industry-recognized advanced technology to defend against threats and stay ahead of new, emerging risks.
One such software is Bitdefender, included with Equifax Complete Protection.
Trusted by more than half a billion users around the world, Bitdefender blocks malware and phishing attempts before they penetrate your system. It can be activated on up to three of your devices and comes with parental controls, so you can limit what your children view online.
Also included with Equifax Complete Protection is NordVPN, which lets you securely access the internet through a private, encrypted connection. You can use NordVPN on up to 10 devices at home or on public Wi-Fi.
When it comes to keeping your identity safe, don’t settle for anything less than top-tier protection.
Monitor your social media presence
Savvy identity protection services use AI to beat fraudsters at their own game, deploying AI tools to scan online content for cyber threats much more efficiently than human teams could.
Equifax Complete Protection comes with AI-powered social media monitoring through ZeroFox.
ZeroFox’s system alerts you to suspicious account activity—such as account impersonation, phishing campaigns, identity theft and account takeovers—giving you the chance to take protective measures.
Knowing your social media presence is safeguarded leaves you free to enjoy the upsides of being in online communities without worrying about hackers abusing your digital footprint.
Get a safety net
Recovering from identity theft can be incredibly stressful, time-consuming and expensive. Your finances and credit scores could be hit, as could your criminal record if scammers commit crimes under your name.
Having strong support can substantially reduce your burden and help you land on your feet faster.
When you sign up for Equifax Complete Protection, you can receive up to $1 million coverage for identity theft recovery costs (not available in Quebec). Eligible expenses include lost wages plus fees for lawyers, replacement ID cards, notarizations, applications, expert consultants and more.
A well-stocked identity protection toolkit can go a long way toward deterring hackers and scammers. But in the event of a security breach, the right support service will promptly close the gap and work alongside you to recover.
Learn more about Equifax Complete Protection