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Scams involving AI

Colleen MacFarlane

FINRA warns that fraudsters are increasingly using AI and other technologies to scam victims — sometimes even with the victims' help.

The Financial Industry Regulatory Authority, the broker-dealer industry's self-regulator, published on Tuesday its annual "regulatory oversight report" listing its priorities for the current year. FINRA noted an increase in scams in which victims are fooled into helping fraudsters drain their own accounts or into sending the money to bad actors. Artificial intelligence, machine learning and other emerging technologies are sometimes used in these increasingly sophisticated ploys.

FINRA warns, for instance, that scammers are employing social media posts to direct investors to phony investment clubs where they're encouraged to put their money into risky securities. Sometimes the inducement to join comes from "deepfake" audio and visual impersonations of financial gurus devised with the help of AI.



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