Experts warn that technology is making it easier for scammers to pull off financial crimes, such as the recent case of a Philadelphia resident who was almost manipulated into transferring funds to fraudulent accounts. The rise of artificial intelligence, access to sensitive information on the dark web, and a lack of federal oversight are contributing to the increase in tech-enabled financial scams. In the 2023-2024 fiscal year, Americans lost between $23.7 billion and $158.3 billion to financial scams, with many losses going unreported.
AI technology has made it easier for scammers to create believable personas and manipulate victims into transferring money or revealing personal information. With a 20% year-over-year increase in digital fraud since 2021, individuals, companies, and even government institutions are at risk of falling victim to scams.
Efforts to combat financial scams include creating initiatives like the National Elder Fraud Coordination Center and passing consumer protection laws at the state level. However, experts emphasize the importance of individuals and institutions being vigilant, verifying information before acting, and reporting any suspicious activity to authorities or the original source.
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