Do you wonder how to identify and avoid the latest online scams in 2024? Knowing this information is vital to avoiding being a victim of online scams.

In 2024, using Artificial intelligence (AI) is an ever-expanding universe of opportunities, convenience, and, unfortunately, danger.

Online scams have advanced, relying on emerging technologies such as artificial intelligence, automation, and machine learning. Scammers are no longer confined to simple phishing attempts or dubious pop-up ads; they have evolved, becoming more challenging to detect and harmful.

Here are five latest online scams done with AI in 2024 and how to identify each of them:

• AI-driven phishing scams
• AI-powered fake profiles on social media
• AI-generated fake news and deep fake scams
• AI chatbot scams
• AI-generated fake reviews and influencer scams

Other latest online scams that don’t involve AI in 2024 are:

• Investment scams and cryptocurrency fraud
• Subscription scams and fake free trials

Al-Driven Phishing Scams in 2024

Phishing scams have existed for a long time, but in 2024, criminals have incorporated artificial intelligence.

These new phishing scams are not cliche, poorly written emails from fake Nigerians anymore; they are highly sophisticated and can even use AI to mimic the sender’s writing style, tone, and specific details. Now, scammers study your Internet behavior, browsing history, social network activity, and even the latest purchases to create an incredibly realistic phishing email or message.

For example, you can receive an email message from a company you have previously dealt with or a service provider you regularly patronize. The language will be professional, and the information provided will be correct, making it difficult to notice any of the red flags. At other times, the emails may include links that lead you to a legitimate website, and you are asked to provide your username and password or credit card details.

These phishing attempts are complex, so one must be very careful. One should always look for minor differences in the email address, such as a slightly misspelled domain name, and never click on the links provided in the email. However, to countercheck such claims, one should go to the website using a browser or use official apps. Please remember that no company would request information such as passwords or credit card numbers through email.

AI-Powered Fake Profiles on Social Media

Scams are another area that has shifted significantly in 2024 and another frontier of social media.

With billions of users on Instagram, Facebook, and LinkedIn, it is now straightforward for a scammer to exploit people’s trust and ignorance. The new twist of social media scams is the use of artificial intelligence in developing convincing fake profiles.

These profiles may be fake, but they resemble real people; they use other people’s pictures and details to create the impression that they are real. The scammers can then engage with you in different ways, such as commenting on your posts, directly messaging you, or even creating fake conversations with you under the guise of a common ground, such as a shared friend or interest. 

The aim is to make you a friend and get close to you until they can defraud you or get some information from you. For instance, in the business world, you may be messaged on LinkedIn by a person purporting to be a business partner or buyer who wants to offer you good business deals that will later ask you to send money or other business information. Or, in dating apps, the scammers who pretend to be potential partners may emotionally blackmail you and get you to send them money or personal details.

To avoid these traps, one should be very careful when dealing with new accounts, especially if the person is very keen on the account or wants to take the conversation to the next level by moving to the DMs. Do not disclose personal information and avoid accepting people’s words as the truth; use video calls or search for the person online. 

AI-Generated Fake News and Deepfake Scams

By 2024, deepfake technology and AI fake news have become very advanced weapons in the hands of scammers. Deepfake technology allows scammers to produce very realistic videos and audio that could make it look like someone of interest is saying or doing something they have not.

This technology is used in phishing scams where a victim may receive a video message from a relative, friend, or business associate, who is, in fact, an impersonator seeking money or personal details. Deepfakes can also be applied to financial frauds, where the scammers create fake videos of the CEO urging the employees or partners to transfer money to the scammers’ accounts. 

AI-generated fake news has also influenced the growth of scam opportunities and other related issues.

Hackers and other malicious actors can now make websites or even post on social media that appear to be from reputable news organization to trick people or even change the stock market. Fake news articles can cause victims to make wrong financial decisions, such as investing in a phony company or contributing to fake crowdfunding. It is getting hard to distinguish between the natural and virtual worlds; thus, it is crucial to remain skeptical.

To avoid getting into trouble, confirm the authenticity of any news or video information. Check the information with the help of fact-checking websites and credible news sources. When money is asked to be sent, it is recommended that the person’s identity be confirmed directly through a phone call or face-to-face meetings and not through emails. 

AI Chatbot Scams

With the increasing use of AI chatbots, scammers are misusing them to defraud people of their details or even their money.

By 2024, you might be dealing with chatbots that mimic the roles of customer service representatives of banks, online shopping sites, or even governmental organizations. These are artificial intelligence-based chatbots designed to replicate human interactions to the extent that it becomes challenging to differentiate between the two. Scammers use these bots to steal your credit card number, social security number, or login details in the guise of assisting you with a problem or issue. 

These bots may also be placed on fake websites that look like real ones, thus making you believe you are dealing with a real business. After obtaining your information, the scammers can quickly access your accounts or sell the information to other parties on the dark web.

To ensure that one does not fall prey to AI chatbot scams, always engage customer service through the proper channels, such as the company’s website or application. Do not engage in unsolicited conversations or receive emails that offer help, and do not disclose any personal details to a chatbot unless you are sure it is genuine. 

AI-Generated Fake Reviews and Influencer Scams

With the emergence of influencer marketing, there is a high likelihood of scammers coming up with fake campaigns using fake reviews and endorsements from AI.

By 2024, the technology can post hundreds of counterfeit positive or negative reviews on platforms like Amazon, Yelp, or Google Reviews. Influencers may even find fake accounts created using AI-generated images and videos to sell counterfeit products or bogus services. These influencers might look real with thousands of followers and well-polished content, but they are just a mask for scams that aim to trick you into purchasing fake or low-quality goods and services. 

This is because fake reviews need help identifying between the original products and the scams, especially when the AI-generated content is almost similar to the original one.

To ensure you are not deceived, look for genuine buyers’ feedback and compare the feedback from different buyers on different platforms. Do not trust products with much positive feedback but little actual comments. It is crucial to ensure that if an influencer is advertising a product or a service, you should check whether the account is real or fake by looking for a blue tick or performing an image search to see if the pictures are fake. 

Investment Scams and Cryptocurrency Fraud

As more people invest in cryptocurrency and decentralized finance (DeFi) platforms, scammers have spent their time taking advantage of the new technologies.

As we approach the year 2024, investment scams are more prevalent than before, especially in the crypto markets that are still being regulated. Scammers often use claims of high returns, fake endorsements from celebrities or influencers, and well-designed websites to convince people to invest in counterfeit coins, fake ICOs, or Ponzi schemes disguised as genuine investment opportunities. 

One of the most popular tricks is when scammers open fake cryptocurrency exchanges or wallet services. They lure victims into signing up for accounts, depositing their money, and even trading on the platform, only to realize their money is gone.

Also, scammers use social media to share fake ‘get-rich-quick’ or ‘pump-and-dump’ schemes, whereby they manipulate the price of a low market capitalization cryptocurrency and then sell off their coins at a higher price, leaving everyone with a pile of worthless tokens. 

To avoid such scams, one should always take his/her time to analyze any investment opportunity before investing. It is recommended to search for reviews, check the legitimacy of the platform through third-party sources, and avoid any kind of investment that guarantees high profit, especially in the sphere of cryptocurrencies. Also, do not share your wallet keys or other personal details; once the hackers enter your account, you cannot get your money back. 

Subscription Scams and Fake Free Trials

Another type of internet fraud in 2024 is subscription services and fake free trials that make you believe you are getting something for free, but they charge you hefty money.

Fraudsters create websites with a free trial of the most popular services or products, for example, fitness applications, streaming platforms, or skincare products. They may ask you to provide your payment details for the ‘shipping’ or a nominal one-time fee, but they don’t tell you they will renew your subscription automatically or charge you more than you bargained for. 

These scams are prevalent because they build on the free trial concept and people’s trust. They get your credit card details and start debiting you monthly for services or products you may not have even ordered. Sometimes, the only way to cancel the subscription is to make it hard for you to do so, thus being stuck with the recurring charges.

To be safe from such scams, one has to be very careful when subscribing to any free trial, especially the small print. Avoid any service that asks for your payment details before you can use their services, especially if they offer a ‘free trial.’Put reminders for trials so you can cancel before you are charged, and always check your bank statements for any charges you did not make. 

Conclusion

Since many online scams are changing with time, people must remain alert and informed.

It may be difficult to anticipate what new type of scam will emerge, but knowing how they work and how to identify them will enable one to safeguard their identity and money.

You can also find other scam prevention tips here.

Remember, do not trust any message sent to you out of the blue, verify the identity of the websites and people, and do not disclose any personal information if you are not sure the request is genuine. The only way to avoid becoming a victim of online scams is to be as alert as possible.