Fraud Alert: Deep Fake & Cloned Voice Scams a Serious Threat

Fraudsters often take advantage of new technology to trick consumers into giving them money. Utilizing artificial intelligence (AI) to impersonate law enforcement, employees or family members is an example of the negative side of this technological advancement.

While scammers often spoof email addresses to trick consumers into sending money to help a friend or family member, AI allows them to employ the same tactics to phone calls. Through a method called voice cloning or a deep fake scam, a criminal can use AI to mimic someone's voice from a very small audio sample.

These fraudsters may call you, claiming to be a family member, and try to trick you into believing there was an emergency that requires an urgent transfer of money. Scammers may also try to impersonate your boss and ask you to wire money for a rush project or claim to be a kidnapper demanding you to pay a ransom.

To help prevent such scams, Iowa State Bank offers five tips on how consumers can protect themselves:

  1. Don't panic. Scammers prey on your emotions. If you think a loved one is in danger, you're more likely to act quickly without questioning the validity of the situation. Before you act, take a step back and think about the request that is being made. Contact the loved one personally before acting to verify the situation.
  2. Trust your instincts. If you receive such a call, but something seems to be "off," there is a good change that it could be a scam. Rely on your intuition in these situations. If something doesn't feel or sound right, a little bit of investigation can save you money and heartache.
  3. Know how to spot red flags. there are many warning signs that can help you to determine if such a phone call is a scam. Some red flags to watch for include:
    • The call comes from an unknown number.
    • You only briefly hear the person you think you know before the phone is passed off to someone else.
    • You are asked to send money immediately for any reason, especially if it is requested through cryptocurrency or gift cards. 
    • You are asked for personal or financial account information.
  4. Return a call to the person that is supposedly contacting you. If you receive a phone call that you suspect is a scam, there is only one person you can rely on to verify its legitimacy -- the actual person who supposedly contacted you. Call the person using the contact information you have on file for them. You'll find out quickly if it was a scam.
  5. Be proactive. Stay ahead of the fraudsters by choosing a safe word that only your family knows that you can verify their identity over the phone.

If you receive a suspicious phone call from a caller impersonating someone you know, report it to the Federal Trade Commission immediately at: https://reportfraud.ftc.gov or by calling 1-877-382-4357. You should let friends and family know that you received this call so they can be on alert for suspicious calls as well. 

This information is provided as a courtesy by Iowa State Bank in partnership with the Iowa Bankers Association. If you have questions about fraud prevention, contact your personal banker at your local banking office.