The rise of Ai powered crypto scams

[George Edward]

      As we all know, the level of scams is increasing at a high rate, with different unexpected ways to scam individuals, and most of these scammers target people who are most likely involved in crypto. In 2024, it was confirmed that the GASA Global Anti-Scam Alliance reported over $1.03 trillion lost to scammers. This is an example of how fast scams are rising. The good thing is that every member in the forum is contributing to making sure everyone stays informed. However, no one knows what the next strategy for scams would be.

Recently, I came across a new crypto scam involving AI I am sure most people may have come across it but just to inform those who haven't. After some research on this topic it is clear that AI has introduced new scam strategies, particularly concerning cryptocurrency and other platforms.
This link shows a woman who fell victim to this.  AI scam.
https://www.mcafee.com/blogs/privacy-identity-protection/ai-chatbots-are-becoming-romance-scammers-and-1-in-3-people-admit-they-could-fall-for-one/
Unlike traditional crypto scams that are easy to spot, AI powered scams have the speed, scale, and sophistication of modern machine learning models, making them more adaptive, harder to spot, and often convincingly human.

 Let me not take too much of you time reading I will like to quickly share the Common types of AI powered crypto scams. Examples includes

• Deepfake scams:the AI can generate videos or images that looks exactly like famous celebrities , influencers.
     
• AI customer support impersonation: Scammers use AI to Impersonates support agents from exchanges or wallet providers, majorly to extract i login credentials or recovery phrases.
• Fraudulent automated trading platforms:  creating a complete trading websites and  mobile apps which is built around fake AI trading algorithms  that offers quick gains.   
• Voice cloning and real time scam calls: AI replicates the voice of a person  you know which may be your family members  ,to urgently request access to a user’s wallet or crypto exchange account.
• KYC bypass: Scammers use AI generated images or credentials to bypass KYC controls and two factor authentication (2FA).   
• AI assisted pig butchering scams: these Scammers convinced you and then gain your trust weeks or months before they will advice  their victims to invest a large sums into fake crypto platforms, with AI supporting communication and content generation 

These AI scams make crypto scams more harder to detect mainly because legacy fraud detection systems wasn't designed to identify AI powered scams. Something that's so smart it can impersonate any user, even create fake investment platforms, is indeed a threat to the crypto space.

A lot of forum members have created topics to advise us on how to avoid these scams, which has truly helped us to stay informed. My advice to everyone is to continue doing research and stay safe because I believe that as long as every member in the forum continues to update or inform one another with information about scams, it will give us a chance not to fall victim to these scammers.

[Churchillvv]

Basically this are not types of AI scams but merely the areas which artificial intelligence has helped the scam industry to advance more by providing assistance in writing and image generation.

For someone very vigilant like we used to say in this forum, be suspicious of everything, you will definitely figure out on time that it's a pure scam and most of the people impersonated are famous people who in a real sense wouldn't give you a DM or send you and unsolicited message.

If not hacks then AI powered or prompted imagines are always obvious. However it's good you brought more information to some our notice.

[avp2306]

Basically this are not types of AI scams but merely the areas which artificial intelligence has helped the scam industry to advance more by providing assistance in writing and image generation.

For someone very vigilant like we used to say in this forum, be suspicious of everything, you will definitely figure out on time that it's a pure scam and most of the people impersonated are famous people who in a real sense wouldn't give you a DM or send you and unsolicited message.

If not hacks then AI powered or prompted imagines are always obvious. However it's good you brought more information to some our notice.

What he written above is somehow a schemes that provably used AI to make their scams attempt became more easier.

But what caught me is the AI generated KYC scam since this is really dangerous scheme knowing that lots of platform user might get affected if the platform owners or the people working behind it can't verify if the submitted documents or ID's is generated by AI.

I came up with this interesting article about this https://www.kaspersky.com/blog/how-deepfakes-threaten-kyc/51987/

So hopefully we will not experience any bad faith towards people doing this bad things.

[tbct_mt2]

Scams are almost same in history and scammers only change their scam tools over time and with different technologies in different eras.

Before AI, there are similar scams with videos too but there is a good way for detecting fake AI videos, at least with the current level of fake videos from AI.

You can ask the scammer to shake their head, turn their head right and left, smile and so on. There will be abnormal points shown in the life video for you to realize that it is a fake one.

About scam, there are many common scam types in The cryptocurrency scambook.

[JiiBs]

When I saw the comments that follow this thread on how these are not scams in itself but the means, to aid the scams, I had to go look for the meaning of scams again and according to Cambridge dictionary and I quote

a dishonest plan for making money or getting an advantage, especially one that involves tricking people

So I would agree that these are merely a means to an end which is the scam and indeed AI has very much advanced the chances of making it really believable.

Lets just look at Deepfakes

• Deepfake scams:the AI can generate videos or images that looks exactly like famous celebrities , influencers.
     

It just creates a new perfect idea of just anything you would want, no distinct difference from its original if you don’t even have a concrete idea to what its original is like and it’s difficult seeking to verify most of these it just leaves you in limbo.

[Su-asa]

I believe you already know that anything that have an advantage also have a disadvantage. I believe those who created the AI didn't create it for the wrong purpose but the thing is that also long as people can use it for educational purposes, other people can also use it for the wrong purpose. Right now it's very hard to detect an AI generated contents, which is why one really need to becareful with anything they come across online or offline.

[Davidvictorson]

You want to be safe during this era where there is a mass increase in innovative ways to scam people of their crypto assets, take a cybersecurity course. In as much as these scammers think they are smart, the tips and knowledge from those cybersecurity classes will put you a step ahead of them if you actually apply the knowledge to it. And this will also help to keep those you love safe too as you can already teach them what you know especially you elderly father or mother who is retired.

[pawanjain]

With rising tech rises people who use the tech for evil. The solution is simple, other people have to evolve with time and stay aware of whats happening around.
If people are using AI for scamming others then people have to identify methods to distinguish between what is real and what is from AI.
They have to be aware of how people can use these new techniques and prevent themselves from being a victim of such scams.

[SATWAT]

Thinking ahead of time or keeping awareness about technology is important because as development happening things could be changed too quickly and always needed to have all relative stuff about this if anyone want to stay away from scams.
Even its never been easy but still important because without having enough information about technology and its positive and negative no one can avoid scams which are hurting badly even many are losing their lives savings and now living terrible lives.
AI is tool which is proposed to be had some good things for humans but here many are those doing things which are also part of human's nature and bringing things which are helpful for them and not positive for common peoples those are not well aware about this.

[George Edward]

I believe you already know that anything that have an advantage also have a disadvantage. I believe those who created the AI didn't create it for the wrong purpose but the thing is that also long as people can use it for educational purposes, other people can also use it for the wrong purpose. Right now it's very hard to detect an AI generated contents, which is why one really need to becareful with anything they come across online or offline.

yh I really agree with what you said , but the thing is that this scammers gets the best out of everything dey don't just explore it the always find away to make it look bad .
  This AI scam is a way of saying that there is nothing that is impossible when it comes to how smart these scammers are. but the best way to deficit you enemies is to always be 1 step ahead of them .

[un_rank]

There is nothing like AI scams or crypto scams, your topic title can be misleading and feed into the propaganda that has been used to discourage people from investing in Bitcoin.

These (with the exception of deepfake videos) are just scams and none of these methods are new, the scammers are just using AI to try make them more efficient.

- Jay -

[qwertyup23]

Basically this are not types of AI scams but merely the areas which artificial intelligence has helped the scam industry to advance more by providing assistance in writing and image generation.

For someone very vigilant like we used to say in this forum, be suspicious of everything, you will definitely figure out on time that it's a pure scam and most of the people impersonated are famous people who in a real sense wouldn't give you a DM or send you and unsolicited message.

I definitely agree with the point that you raised.

I fully agree that these are not AI-powered cryptocurrency scams BUT these are scams that used AI in order to advance their illegal activities. They used the advent of AI-technology to create and scam people by providing other services that seemingly looks genuine but rotten to its core.

Just to point out also to everyone, even if scammers are evolving with their means and methods, it doesn't change the fact that they all use the same formula- random messaging people asking to join their TG group, etc. If everyone is responsible and vigilant enough to avoid these offers that are too good to be true, then scams would be totally avoidable.

[Patikno]

With rising tech rises people who use the tech for evil. The solution is simple, other people have to evolve with time and stay aware of whats happening around.
If people are using AI for scamming others then people have to identify methods to distinguish between what is real and what is from AI.
They have to be aware of how people can use these new techniques and prevent themselves from being a victim of such scams.

Absolutely agree with this, I think it should be like that, everyone must also develop and follow developments, especially in technology, if not, then it will be consumed by time, and one of the things that can happen is that it can cause losses due to lack of the latest knowledge, which is also related to what is discussed here.

I often hear that some people blame technology which can cause chaos (whatever type), but I feel that it can not be blamed, because we know that the era or time is increasingly developing rapidly, technology is getting newer, therefore we must also follow it, and it is also necessary to realize that every technique or technology still has gaps, especially in the case of this authentication identification, we know that this also still has gaps to be able to know the truth or falsehood.

For example, if someone does KYC using a fake identity, then if we think logically, then the identity can still be identified for its truth, and one way is to cooperate with data held by the local government (or certain countries), in order to find out, and this is why regulations and cooperation with the government are still needed today for certain companies or projects.

[Alone055]

For someone very vigilant like we used to say in this forum, be suspicious of everything, you will definitely figure out on time that it's a pure scam and most of the people impersonated are famous people who in a real sense wouldn't give you a DM or send you and unsolicited message.

Scammers sometimes use tactics and methods to scam people. I have seen people using videos of famous people on live streams, changing the audio with voiceovers, and pretending that the person is doing a crypto giveaway where, if you send a certain amount, you get double that. Now, those who are too naive to understand that Elon Musk wouldn't do anything like that would fall for it if they are also greedy, because who would want to miss an opportunity like that?

I once checked the address that was being used in such a video, and surprisingly, I found that some people actually had sent some funds on that address, now I don't know if they were from other people or from the scammer himself as a bait to make people believe that there are actually transactions happening on the address, both incoming and outgoing, so that they trust them and send money on the address.

So, no matter what, there will always be some people who would fall for scams, even if they are attempted by the dumbest scammers.

[Floxynice]

One thing I love is that; as these scamming tactics are increasing, so is scam awareness growing also. If there is anyone in this present generation, who is still  in the dark about scams, then that person should check himself.

Even if we don't know what tactics they would introduce next, it is in our own best interest not to always act in a hurry. If we get any message from a supposed customer support, it is best to verify from the official website or a physical office if any.

If we see links for downloads or updates, still verify.

If they claim you won something you know you don't deserve, still verify.

This should be a time to verify everything before acting on them. Ignorance can be very costly these days.

[lovesmayfamilis]

You want to be safe during this era where there is a mass increase in innovative ways to scam people of their crypto assets, take a cybersecurity course. In as much as these scammers think they are smart, the tips and knowledge from those cybersecurity classes will put you a step ahead of them if you actually apply the knowledge to it. And this will also help to keep those you love safe too as you can already teach them what you know especially you elderly father or mother who is retired.

Nowadays, being a skeptic is not considered rude to people. Therefore, those who know that AI is already so widespread among scammers that it sometimes teaches them how to properly pull off a scam should teach their loved ones not to trust anything or anyone. The Internet is taking on a form where fraud reigns, and for people who do not know how to stand up for themselves, who are too trusting, and who are poorly educated in terms of Internet security, such courses will open their eyes to many things that seem normal to them. I would suggest that anyone who starts searching for contacts online today arm themselves with thick skin and check any offer, any service, and any post with offers on several resources, which, heh, should also not serve as the final truth.

[Lucius]

People always use the tools that are available to them, and when it comes to artificial intelligence, which is quite cheap or even free, there is no doubt that bad people will use it for every possible form of scam. Unfortunately, the time has come when you can't even trust a familiar voice over the phone, let alone a text message or email. If there was ever a time to be cautious, it's now.

My recommendation is that if you are receiving various strange messages and calls, take advantage of today's technology and block all calls and messages from unknown senders - or simply change your phone number and be careful who you share it with. Remember that scammers can't do anything to you if they don't have a way to serve you their scam - so value your privacy as much as possible.

[Die_empty]

Before now, scammers would have had to gain certain skills to develop platforms to defraud people. Sometimes they spend months and years to gain and develop these techniques. But artificial intelligence has made it easier to develop these platforms at a very fast rate. With little effort and time, different websites and cloned platforms can be developed.

This is just the beginning of the AI era and we are already experiencing an increase in these criminal activities. Paying attention to details, verifying information and contentment are some of the ways of avoiding these scammers. Most victims of scammers were greedy.

[BitBakerr1]

One thing I love is that; as these scamming tactics are increasing, so is scam awareness growing also. If there is anyone in this present generation, who is still  in the dark about scams, then that person should check himself.

Even if we don't know what tactics they would introduce next, it is in our own best interest not to always act in a hurry. If we get any message from a supposed customer support, it is best to verify from the official website or a physical office if any.

If we see links for downloads or updates, still verify.

If they claim you won something you know you don't deserve, still verify.

This should be a time to verify everything before acting on them. Ignorance can be very costly these days.

Yeah as scammers are bringing up more tactics so also are people being aware of those tactics, I always read any scam activities that is shared here in the forum and also on social media so I can be updated about any new scam related activity scammers are now using, some people are not updated about scam activities if they see someone sharing there experience about scam they are never interested to read through or listen and that is why they always fall victim, people should be very careful this days so as not to fall victim of scam just like you said is better we should verify every information before acting on it.

Concerning using AI to do scam, before the introduction of AI people has been using different strategy to scam other people, scam has been in existence for years now however the coming of AI has made scam activities more easier, with the help of AI you can make video call with someone using fake identity and face and it will be difficult for the other person to discover that is not real, the high level of scam has increased because of AI, so please everyone should be more careful be smart.

[NotATether]

Basically this are not types of AI scams but merely the areas which artificial intelligence has helped the scam industry to advance more by providing assistance in writing and image generation.

For someone very vigilant like we used to say in this forum, be suspicious of everything, you will definitely figure out on time that it's a pure scam and most of the people impersonated are famous people who in a real sense wouldn't give you a DM or send you and unsolicited message.

If not hacks then AI powered or prompted imagines are always obvious. However it's good you brought more information to some our notice.

Exactly.

There is nothing new here.

All these types of methods for scamming have already existed, chatbots have simply made it easier for someone to pull off a scam of this magnitude.

People are not getting any smarter though. (If anything, quite the opposite.)