As the usage of artificial intelligence (AI) grows, fraudsters employ it more frequently in their methods, and Canadians are taking note. According to the Royal Bank of Canada’s (RBC's) annual Fraud Prevention Month Poll, 75% of respondents are more concerned with fraud than ever before. Nine out of 10 Canadians feel that the use of AI will boost scam attempts over the next year (88%), thereby making everyone more exposed to fraud (89%).
As per the survey, 81 percent of Canadians think that AI will make phone fraud efforts more difficult to identify, and 81 percent are worried about scams that use voice cloning and impersonation techniques.
"With the recent rise in voice cloning and deepfakes, fraudsters are able to employ a new level of sophistication to phone and online scams," stated Kevin Purkiss, vice president, Fraud Management, RBC. "The good news is that awareness of these types of scams is high, but we also need to take action to safeguard ourselves from fraudsters.”
The study also discovered that phishing (generic scams via email or text), spear phishing (emails or texts that appear authentic), and vishing (specific phone or voicemail scams) were among the top three types of fraud. More than half also report an increase in deepfake frauds (56%), while over half (47%) claim voice cloning scams are on the rise.
Prevention tips
Set up notifications for your accounts, utilise multi-factor authentication whenever possible, and make the RBC Mobile App your primary banking tool. Keep an eye out for impersonation scams, in which fraudsters appear to be credible sources such as the government, bank employees, police enforcement, or even a family member.
Some experts also recommend sharing a personal password with loved ones to ensure that you're conversing with the right individual.
To avoid robo-callers from collecting your identity or voice, limit what you disclose on social media and make your voicemail generic and short. Ignore or delete unwanted emails and texts that request personal information or contain dubious links or money schemes.
