Sophisticated AI money scams pose a threat to unsuspecting Britons – how to spot them | Personal Finance | Finance [Video]

The growing dominance of artificial intelligence online is opening doors to new scams, research has found.

Deep fakes and ChatGPT phishing are leading to warnings being raised over the sophisticated tactics being used to part UK residents with our cash as Brits have already lost more than £1billion from their bank accounts since the start of the year.

Research from savings marketplace Raisin revealed that almost half of Brits (48 percent) feel more at risk of scams as fraudsters become increasingly sophisticated in using technological advances to overcome the measures financial institutions put in place for protection.

ChatGPT phishing gives the text, tone and coherence of legitimate sources. Voice cloning replicates somebody’s tone and language to trick someone else into having a genuine phone conversation. Verification fraud can be used to subvert standard security checks.

Despite these sophisticated tactics three in five (61 percent) UK adults are confident they can tell the difference between human and AI-generated…