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Scammers use AI to steal financial aid money
The latest financial aid scam uses artificial intelligence to steal millions. FOX 5 NY's Jodi Goldberg has the details.
NEW YORK - Financial scams are on the rise and continuing to steal billions of dollars from elderly groups.
These scammers establish credibility, claiming they are from familiar businesses or know family members to appear legitimate, according to the FBI.
After hooking their victims, scammers manipulate them into handing over card information or sending money via third-party transfer services like Zelle, Venmo, or PayPal.
Elder fraud takes many forms as criminals seek to take advantage of seniors. Not only are there devastating financial consequences, but these victims and their loved ones can suffer great emotional and mental effects because of these scams. (Via FBI- …
What the scams look like
Officials say these scammers often pretend to be affiliated with banks or government agencies, aiming to steal sensitive information via phone, text, or email.
Their contact information may even come up as "no caller ID" or under a fake name.
On the other hand, some scammers use artificial intelligence (AI) to duplicate voices of family members asking for help.
Scammers gain their target’s trust through constant communication, often refusing to let them hang up.
They create a sense of urgency, pressuring victims to send money or share personal information immediately. In other common scams, scammers claim that their target has won a lottery or prize which they must pay a "fee" to collect.
Why the elderly are being targeted
Scammers often target older adults because they’re seen as more trusting and polite, less familiar with new technology, and less likely to report fraud. Many seniors also have strong credit and substantial savings—making them ideal targets for financial scams.
What you can do to protect yourself
- If you receive a suspicious call or message, do not tell them sensitive information.
- Verify all contact information online via company pages.
- End all communication with the scammer once a scam is recognized.