As artificial intelligence continues to become more powerful and accessible to all, many individuals are becoming increasingly skilled in using AI for their benefit: scammers are now utilizing this technology to steal personal information or money through voice cloning, lead investment scams, and act as tech support. Seniors, a particularly vulnerable sector of the population, find themselves especially at risk.
Fortunately, however, with proper estate planning strategies, you can protect yourself and your family from potential threats. This article provides a comprehensive overview of the individuals most likely to be targeted by scammers, the common techniques these scammers use, and the steps potential victims can take to safeguard themselves. As AI continues to play a growing role in society, it’s crucial that we stay informed and adapt to the evolving threats it may present.
Why Seniors Are Most at Risk for AI Scams
Senior citizens are a demographic that is generally less familiar with new technology, making them more vulnerable to scams—especially those involving AI. Scammers often target older adults, knowing they may be more likely to answer unknown phone calls, feel more inclined to help their loved ones, and simply not be familiar with the signs of digital manipulation. As a result, it is crucial that elderly citizens get all the help they need, whether that be with advice from their children or consulting with a professional attorney.
The Alarming Rise of Voice Cloning in Scams
A popular technique that scammers will use is voice cloning, which makes their phone calls sound extremely convincing. As long as they have access to a clip of a person’s voice, they are capable of generating a fake recording that sounds like that person, saying whatever they program it to say. They can mimic the tone and vocal patterns of that person, which makes it nearly impossible to tell whether the voice is real.
For example, a senior may get a call that uses the voice of their grandchild saying, “Grandma, I’m in very serious trouble and I need money to get me out of it.” Since it is so difficult to tell that this isn’t their grandchild calling them, they act irrationally by giving away information regarding their bank accounts and sending money right away. This is an awful scam that relies on personalization and takes advantage of one’s willingness to help. As unethical as it is, it happens quite frequently, and it is important to be aware of its occurrences.
How AI Is Being Used to Facilitate Investment Scams
AI fuels investment scams, particularly targeting seniors who are striving to grow their retirement fund. These scams will often present online advertisements or send personalized emails about getting a guaranteed return with very low risk. Using AI, these scammers will gather data about the individual, such as their age, location, occupation, financial goals, and personal interests, in order to produce messages that are truly suited for the senior.
For example, let’s say you recently searched for “low-risk retirement investments” on Google. This query, being previously searched, displays to the scammers that you are actively looking for ways to invest and grow your savings. Following this, these scammers will now produce fake investment websites to offer up investment opportunities, knowing that you are likely to take an interest. Scammers will also create online financial advisors to try and find more information about you and your goals. They may even tell you that the opportunity will expire soon, solely to get you to act quicker. In haste, you will then transfer the money from your account, only to see that it has completely disappeared, ultimately finding yourself as the victim of an intricate scam.
The Use of AI in Impersonating Tech Support
Scammers may use AI to send a warning message to a senior’s device claiming that there is a virus and that they should contact a certain phone number in order to resolve the issue. Once the senior dials the number, they will reach the scammer impersonating themself as a tech support representative. While posing as a worker for a technological company, they will request access to the device, explaining that they will fix the issue, but instead will steal financial information or install malicious software, which is designed to harm the device’s systems or gain access to unauthorized data. This is another scam that is incredibly difficult to recognize. You must carry the mindset that you cannot trust any pop-up messages or unknown phone calls.
Turn Estate Planning Into a Powerful Defense Against Scammers
We understand that the power of AI can be overwhelming, and it is easy to feel lost navigating what you can do. What people fail to recognize, however, is that estate planning can defend you from the threat of AI. While we can’t make promises that you will be fully protected against every possible scam, there are many things you can incorporate into your estate planning to increase your security and, therefore, limit the possibility of you falling prey to these scams.
One key step you can take is to add a trusted contact notification clause to your bank account—meaning that, when banks notice suspicious activity, they will reach out to your appointed contact, and check in before the transaction is successful. This creates a checkpoint that would stop larger sums of money from being taken out of the account without your knowledge.
Furthermore, using limited powers of attorney would also add a measure of security to your finances. With this tactic, you would be appointing a trusted person to make decisions on your behalf for certain transactions. For example, if you choose your son, he would be notified if there was a large sum of money being withdrawn from your account, and then would connect with your financial advisor to discuss whether it needs to be restricted or if it could be signed off on. This would discourage scammers and also would have two people working to make a decision rather than just one, which would ensure a more effective and rational outcome.
Finally, any protective measure that is set in place for your assets would play a role in defending you from scammers. If you have assets in a trust, this would be extremely helpful, as any sort of action would have to go through the trustee who is managing your funds, making it difficult for scammers to get any sort of direct access. Furthermore, a trust can also alert you to any suspicious activity or unsuccessful breaches of its contents. An irrevocable trust, which does not allow for any revisions following its creation, can be particularly helpful in protecting against future claims.
Quick Actions You Can Take Today to Stay Safe
If you are worried about your elderly parents, it is important that you educate them on the dangers of AI. You must teach them to look out for tactics like voice cloning and AI-produced websites so that they can take caution to avoid them. Limiting the amount of personal content you upload to social media—posts with your family members’ faces, voices, or any other identifying information—can reduce the threat of identity theft and voice mimicking. Though it is easy to overlook the importance of updating and reviewing your legal documents, it is also crucial to have the proper POAs and trustees established, with all their documents properly filled and finalized as well. Ultimately, the best thing you can do for your family is talk to a professional.
AI is evolving very rapidly—quicker than many of us can keep up with. All of the legal tools mentioned will help to defend your parents’ financial security and safety as a whole. Don’t wait to protect them.
Call (718) 333–2394 to speak with the Law Office of Inna Fershteyn to protect yourself against the unpredictability of this high-tech world.