Cybercrime agencies worldwide have issued an emergency advisory after a dramatic 38% rise in AI-powered financial scams was recorded in just the past three months. Fraudsters are now using hyper-realistic voice cloning, deepfake video calls, and instant messaging traps to target working professionals and senior citizens. Victims often do not realize the deception until their bank accounts or digital wallets are compromised.

The Modus Operandi

These scams involve social engineering techniques combined with AI to imitate voices and visual cues from trusted contacts. A fake investment advisor or government official may approach a user, and within seconds, AI manipulates video and audio to build trust. Victims are pressured to transfer funds quickly or reveal OTPs, often without any time to verify legitimacy.

Impact and Global Response

Interpol reports that 41% of victims admit they didn’t realize they were interacting with AI until after losing money. Banks in India, Singapore, and the UK are testing live-voice verification systems to detect anomalies. Cybersecurity experts recommend strict avoidance of unknown calls, using multi-factor authentication, and reporting suspicious activities immediately.

Looking Forward

Governments and tech companies are calling for international collaboration to set standards for AI usage and enforce strict penalties for financial fraud. Experts stress that public education campaigns on AI awareness and cybersecurity hygiene are more urgent than ever.