Whether it's the text purporting to be from a child on a 'friend's mobile', the chance to invest in a winning scheme - right now - or the urgent missed payment, scams of various hues appear to have been increasing in prevalence of late.Yet, they can lead to significant financial damage to individuals who innocently or absent-mindedly engage and suddenly realise that it's too late.It is a lucrative trade which goes to explain why they are coming at us with greater regularity.
Bank of Ireland recently highlighted a 25% increase in the incidence of scams in the month of July alone as scammers took advantage of the holidays in the hope that they might catch individuals off guard while out of their regular routine. The fraudster then asks the customer to go to another new website address, supposedly for a live chat service or to verify the customer's PC, but in reality, it allows the fraudster remote access to the customer's computer.
"At one stage, the minimum investment was €25,000. These are generally not people who have 25k lying around. This money is hard earned," she explained. Many of the recent iterations have impersonated companies and services such as utility providers or toll road operators, for example. He said many of the scams will be tailored to coincide with events, such as the Rugby World Cup that's taking in place in France right now or the floods in Libya.Technology has made the transmission of such scams easier and more sophisticated.
On the other hand, however, AI will also present agencies fighting fraud with increasingly sophisticated scam-detection methods.He references the romance and investment scam scenario as one area where AI could benefit the fraudster. Governments, banks and other financial organisations are now fighting back with increasingly sophisticated fraud-detection methods.
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