Rise of AI Scams: How to Protect Yourself

March 19, 2025

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New breakthroughs in generative AI (Gen AI) have led to the increased availability of low-cost and easy-to-use Gen AI tools. The new tools could boost the global economy and increase productivity over the decade; however, it will also increase the creativity and efficiency of scammer’s tactics to deceive consumers.

In 2023, Americans lost more than $12.5 billion to cybercrime, according to a 2024 Federal Bureau of Investigations (FBI) internet crime report.

On a global scale, cybercrime is predicted to cost $9.5 trillion in 2024, and the figure is set to rise to $10.5 trillion by the end of this year, according to Cybersecurity Ventures, a cyber research firm. To put this into perspective – economically speaking, the cost of global cybercrime would be the third-largest country after the US and China.

The recent rise in losses to cybercrime is widely attributed to scammer access to Gen AI tools as well as the vast amount of publicly available information including social media profiles, photos, videos, and records.

The rise of AI-assisted scams

Gen AI’s ability to automate tasks, draft text, clone voices, and alter images and videos have enabled scammers to scale up their attacks without tedious manual work and technical knowledge.

As AI continues to play a larger role in our everyday lives, it’s important to understand the ways you can protect yourself and your loved ones from common AI-assisted scams.

1. Voice cloning with AI

It only takes three seconds of audio to clone a voice. Scammers can access samples of your voice from your phone’s voicemail recordings or even videos of yourself that you post online.

Here’s how it could be used in a scam: An elderly mother receives a panic call from someone who claims to be her son. The voice on the other end of the line will sound just like him. The “son” may try to convince the mother that he’s in a car accident or some other emergency that requires her to send money right away. The scammer will also try to keep you on the phone and make excuses of why they’re not calling you from their usual number.

Good to know: While the voice may sound exactly like someone close to you, hang up and try to call that person directly to verify whether they really need help. You may even want to have a secret word that only you and your loved ones know so you can use it to verify their identity.

2. AI-manipulated images and videos

AI tools can also digitally alter images and videos to portray the likeness of someone else including celebrities and TV personalities. This is known as a “deepfake,” which may be used by scammers to impersonate public figures to deceive the public into donating to fake charities and financial schemes (typically involving payments in cryptocurrency).

While AI tools have become more sophisticated with the ability to create hyper-realistic deepfakes, there could still be flaws such as overly smooth cheeks and forehead, too much or too little blinking, and unnatural lip movements, according to MIT Media Lab. However, with each iteration of the tools, these nuances could become harder to detect.

Good to know: Always trust your gut. If what the public figure in the image or video is offering sounds too good to be true, it usually is. Always double check the social media account behind these images or videos. Are they “verified” or “blue checked” accounts that belong to the subject in the image or video? If a “celebrity” contacts you directly, unless you’re their agent, it’s more than likely a scam.

3. AI-enhanced phishing scams

Typically, basic spelling and grammar mistakes in an email were telltale signs of a scam. But these days, scammers have easy access to AI tools to create their phishing emails and websites. AI tools such as ChatGPT can generate high-quality text to help the scammer convince you to send funds or your personal information.

Their overall strategy, however, hasn’t changed. Phishing scammers will pressure you into acting immediately, and they usually achieve this through threats. Read more about phishing here.

Good to know: If you receive any unusual requests from a “company,” “government agency”, or even people you know, don’t respond or click on any links. Contact the company, government, or person directly through their official methods to verify their request.

4. Personalized spear phishing scams

With AI-tools that can pull and analyze personal data from public platforms, scammers can impersonate your manager, colleagues, or even government agencies in highly personalized spear phishing scams. Their goal is to either ask you to transfer funds, download malware, or share other sensitive information that can allow the scammer to gain access to your accounts, data, or company’s data.

Scammers may also use spear phishing techniques to gain personal information to use for romance scams.

Good to know: You can take steps to prevent spear phishing such as ensuring your software is up to date, enabling multifactor authentication and not clicking on unsolicited links. Back up your computer and hard drives so you have means to recover your data. It’s also a good idea to periodically clean up your digital footprints to ensure you’re limiting the personal information you’re sharing online.

5. AI-driven online marketplace scams

A surge in AI-generated images, descriptions, and websites are driving online marketplace scams. Scammers will usually list an item for sale or a property for rent on a social media platform. Once you show interest, they may ask for a deposit to hold the item or property for you; they could also direct you to a different link to collect your personal and financial information.

Good to know: Be suspicious if the seller sends you a link outside of the marketplace or if the seller wants to move the transaction off the online platform. Scrutinize the listing: Are the images too perfect? Are there inconsistencies in the description? Is the price too good to be true? Don’t let the seller pressure you to act and do your research to ensure the seller and their products are legitimate.

The proliferation of AI in our everyday lives can benefit consumers – and scammers. As their deceptive practices grow more sophisticated, it’s important to be extra vigilant online and take steps to protect yourself and your loved ones.

This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this website were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA, Goldman Sachs & Co. LLC or any of their affiliates, subsidiaries or divisions. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice.