The rapid advancement of technology has paved the way for Artificial Intelligence (AI) to play a more prominent role in various aspects of the modern world. However, as technology progresses, so does cybercrime. Criminals are becoming increasingly sophisticated, while emerging technologies continue to evolve. This means that criminals will continue to target easier victims, making it harder to prevent victimization.
The landscape of cyber threats is constantly changing. In the past, it was easy to detect phishing emails due to spelling and grammatical errors, generic salutations, and easily identifiable URLs. However, AI has now entered the realm of cybercrime, making it harder to detect fraudulent cyber communications. Technology now overlooks spelling and grammatical errors, making the communication more personalized and addressing individuals directly.
Scammers no longer send generic messages. They now have access to personal information and can create emails that appear to come from legitimate sources. In addition to phishing, other social engineering approaches like vishing (voice phishing) and smishing (SMS phishing) are also prevalent. Scammers create fake communications that seem legitimate, using technology to mask their true identities. This makes it difficult for victims to identify unusual calls or messages from scammers. The temptation to answer calls from unknown numbers is stronger than ever, as scammers now have detailed information about the institutions they impersonate.
Scammers now go beyond simply asking for bank account numbers. They impersonate government officials and create fictional emergencies to scare people into acting impulsively. Their ultimate goal is fraud, whether it be identity theft or draining bank accounts. Technology plays a crucial role for both sides, as cybercriminals exploit technology to their advantage, while those fighting against cybercrime use technology to protect individuals and organizations.
While the delivery of information remains a threat, organizations are becoming more secure in their information systems. They have implemented sophisticated infrastructure and system protections to mitigate the risk of data breaches and hacks. Laptops and smartphones now come equipped with firewalls and protection applications, while network administrators can restrict access to potentially malicious websites and links.
Defending against scammers requires a combination of technology, education, and vigilance. Organizations should conduct regular cybersecurity training programs to raise awareness and emphasize the importance of cyber incidents. Strong passwords, multi-factor authentication, biometrics, and other security methods can significantly reduce the risk of data loss, identity theft, and financial damages.
Individuals can also protect themselves by practicing online hygiene. This involves limiting personal information shared online, regularly reviewing and deactivating unnecessary accounts, and being cautious about who personal information is shared with. Vigilance is key for consumers, as they should follow simple tips to avoid being scammed, such as not sharing private data with unverified third parties, calling institutions directly using verified contact information, and not clicking on suspicious links.
It is important to remember that banks will never request sensitive information over the phone or through messages. If in doubt, individuals should contact the institution directly using official sources. Fraud encompasses more than just internet scams and includes various financial crimes such as money laundering and bribery. It is crucial to be aware of different types of fraud and how criminals work with legitimate intermediaries to carry out their illegal activities.
This article was originally published in Times of Malta.
