As artificial intelligence (AI) becomes more sophisticated, its applications are revolutionizing industries around the world. But with this advancement comes an unsettling reality—AI is also increasingly being used by criminals to commit fraud.

At Busey Bank, we prioritize your financial security and want to equip you with the knowledge to safeguard your assets from these emerging threats. In this blog, we explore how AI is most commonly being used in fraudulent schemes and how you can protect yourself.

AI-Powered Fraud: Common Tactics

Fraudsters are always searching for new ways to exploit vulnerabilities, and AI has become a powerful tool in their arsenal. Some of the most common AI-driven tactics include:

1. 1. Deepfake Scams. AI technology can generate highly realistic audio and video deepfakes, impersonating voices or appearances with alarming accuracy. Fraudsters use these to pose as trusted individuals, such as a company executive or even a loved one, to extract sensitive information or funds.

   2. Phishing 2.0. Traditional phishing attempts have evolved with AI. Machine learning algorithms analyze vast amounts of data to craft convincing phishing emails, text messages or social media posts. These communications are uniquely tailored to target specific individuals or businesses, making them more effective than generic scams.

   3. Synthetic Identity Fraud. AI is used to combine real and fake information to create synthetic identities. These identities can then be used to open fraudulent accounts, apply for loans or make unauthorized transactions. The sophistication of AI makes these fake identities difficult to detect.

   4. Credential Stuffing and Account Takeovers. Fraudsters employ AI-driven bots to automate credential stuffing attacks. These bots use stolen usernames and passwords, testing them across multiple websites to gain unauthorized access to accounts. Once inside, the fraudsters can steal funds, sensitive information or make fraudulent purchases.

Protecting Yourself Against AI-Driven Fraud

While the rise of AI in fraud is concerning, there are steps you can take to defend yourself. Awareness and vigilance are your best tools. Here’s how you can stay one step ahead:

1. 1. Be Skeptical of Unsolicited Communications. If you receive an unexpected call, email or text message claiming to be from a trusted source, verify its authenticity before taking action. Contact the individual or organization directly using a trusted phone number or email address.

   2. Use Strong, Unique Passwords. Credential stuffing attacks rely on reused passwords. Protect yourself by creating strong, unique passwords for each of your accounts. Consider using a password manager to securely store and generate passwords.

   3. Enable Multi-Factor Authentication (MFA). Adding an extra layer of security, such as MFA, makes it significantly harder for fraudsters to access your accounts, even if they have your password. Whenever possible, enable this feature for your online accounts.

   4. Monitor Your Accounts Regularly. Review your financial statements and account activity frequently. Look for any unauthorized transactions and report them immediately to your financial institution.

   5. Invest in Identity Protection Services. Identity theft protection services can monitor your personal information and alert you to suspicious activity, providing an added layer of security.

   6. Stay Informed About Scams. Keep up to date with the latest fraud trends by following Busey’s social media accounts and engaging with our Money Matters blog, where we regularly provide information on emerging threats to help you recognize potential scams.

How Busey Bank Can Help

At Busey, we’re committed to keeping our customers and clients one step ahead of the game. Together, we can help outsmart fraudsters and keep your financial well-being secure by providing the knowledge, support and tools needed to help you stay safe.

If you believe you’ve been the victim of fraud or a scam on a Busey account, contact our Customer Care team, reach out to your Relationship Manager or visit your local Banking Center to place a fraud alert on your account. You can also read our Fraud Prevention FAQs for more information or check out our Fraud Prevention Toolkit.