With technology and Artificial Intelligence (AI) evolving seemingly daily, fraudsters have new and more sophisticated ways to targeted Canadian consumers. From financially savvy individuals to seniors and vulnerable people, no one can be too careful when it comes to protecting themselves, and their financial well-being, from the fraud attempts.
AI has supercharged traditional scams, making them more convincing, harder to detected, and potentially more damaging for those who fall victim to the trap. Fraudsters can use AI to craft flawless messages and even clone voices, impersonating trusted institutions and people of influence. Just like traditional phishing scams, AI-powered attacks often create a sense of urgency, prompting you to verify a flagged credit card or share sensitive personal information.
AI scams use smart technology to make fake messages, emails, or even phone calls sound real. Scammers can:
These tricks are designed to get you to share personal information, like your credit card number or passwords.
Here are a few ways scammers are using AI to target Canadian consumers:
Fake Fraud Alert
You might receive a text or call saying your credit cards has been compromised. It looks legit, but it’s not.
TIP: Always double-check your transaction history using your digital account management tool, like CardWise, to monitor for suspicious activity. If you’re unsure, contact your credit card issuer directly to confirm whether there’s been any fraudulent activity on your account.
Too-good-to-be-true Offers
You’re promised a prize or refund, but you need to “verify” your credit card first. That’s a red flag.
TIP: Be cautious of any request to transfer funds to a “temporary” account or withdraw money urgently. Always validate these requests with your financial institution before taking action.
Investment Scams
AI can now clone voices and create deepfake videos. You might receive a call that sounds like a loved one or a trusted figure asking for help or money.
TIP: If something feels off, hang up and call the person directly using a known number.
Here’s what you can do to protect yourself from AI and phishing scams:
AI scams are evolving quickly; staying informed is your best defense. Whether you're managing your finances independently or through your local credit union, it's important to stay alert, ask questions, and take advantage of the tools available to you, like transaction alerts, secure login features, and fraud monitoring services.
As a credit card issuer committed to supporting credit union members across Canada, we encourage you to stay proactive, protect your information, and reach out to your financial institution if something doesn’t feel right. Your financial health is worth safeguarding.