Artificial intelligence (AI) is changing the way fraudsters operate. Criminals are using AI to create scams that are more polished, personalized and convincing than ever before.
Unlike older scams with obvious red flags like poor grammar or generic messages, today’s AI-powered attempts can mimic real people and trusted organizations. One concerning trend is the impersonation of customer service representatives, including those from credit unions, banks, and other financial institutions.
Wright-Patt Credit Union® (WPCU®) is sharing this information to help consumers stay alert, informed and vigilant as these scam tactics continue to evolve.
Here are some smart ways to protect yourself from AI impersonators:
Chatting with a chatbot: Real or fake?
Scammers are now creating fake websites that…
PROCUREMENT & EXPENDITURE (STOPPING KICKBACKS)
Procurement fraud usually involves inflated invoices or “fictitious” vendors.
- The Three-Way Match: Never pay an invoice unless you have matched the Purchase Order (PO), the Delivery Note (signed), and the Supplier Invoice.
- Vendor Master File Review: Review your vendor list annually. Look for suppliers with the same bank details or physical addresses as your employees.
- Dual Authorization: Implement a “Two-to-Sign” rule for all EFT payments above a certain threshold (e.g., R5,000).
- No “Cashing” of Checks: If you still use physical checks, strictly prohibit “Cash” as a payee and store blank checks in a dual-lock safe.