AI Technology Exploited in Scams, Costing Consumers Billions
Scammers are increasingly using artificial intelligence (AI) technology to deceive consumers, leading to significant financial losses. According to recent data from the Federal Trade Commission, consumers have reported losing over $5 billion to investment scams alone. These scams often involve AI-generated fake voices, photos, and videos to impersonate individuals and personalize messages, making them more convincing. Additionally, job scams are on the rise, costing consumers approximately $750 million. Fraudsters pose as employers, asking for upfront payments for equipment that never arrives. The use of AI in scams highlights the growing sophistication of fraudulent activities, which now include microtargeting and deepfake technology. 
