Oct. 10, 2024 – The FBI’s Internet Crime Complaint Center received 38,000 reports about investment scams from January to October, amounting to $4.7 billion in losses. That’s up from 30,000 reports and $3.6 billion in losses in the same period last year.
The same artificial intelligence tools that can write goofy limericks or serve as a pseudo-therapist are helping fraudsters pump up their profits.
For years, scammers have used flirty or urgent-sounding messages to dupe victims into sending them money, but now their tactics are super-charged by generative AI tools that can make missives more convincing or even impersonate a loved one’s speaking voice, according to the FBI.
Investment scams — often described as “pig butchering,” because they involve engaging extensively and “fattening up” victims before making off with their money — are surging this year, and the FBI pegs GenAI tools as part of the problem.
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