A certified fraud examiner has warned that Artificial Intelligence (AI) is changing the face of online fraud, with some scams now being carried out by automated systems rather than human criminals. According to Ransford Nana Addo Junior, advances in AI have made fraudsters more sophisticated and their operations more difficult to detect.
AI-Powered Scams: The New Normal
Ransford Nana Addo Junior, a certified fraud examiner and professional investigator, spoke on Joy FM's Super Morning Show on Friday, July 31, about the rise of AI-powered scams. He explained that AI has added value to the job of scammers, making it easier for them to automate their operations. "It has gotten to the point where AI has added value to the job of scammers, and now scams are being automated. So, the person who is scamming you may not even be a human being, may be an AI," he said.
The Anatomy of an AI-Powered Scam
Ransford Nana Addo Junior revealed that AI-powered systems are now capable of engaging victims in real-time conversations, making online scams more convincing than ever before. He explained that these systems are capable of responding to every message, making them appear more human-like. "They've been groomed. Machine learning has taught them how to respond to every message. They chat with you," he explained.
The Evolution of Fraud
Ransford Nana Addo Junior noted that fraud has existed throughout history, with scammers manipulating emotions such as greed, urgency, and the desire to make quick money. He listed several common forms of fraud, including romance scams, money mule scams, investment scams, lottery scams, Ponzi and pyramid schemes, recruitment scams, and online shopping scams. He warned that fraudsters often position themselves between legitimate retailers and customers, taking advantage of people's preference for convenience.
The True Scale of Online Fraud
Ransford Nana Addo Junior suggested that the true scale of online fraud is much larger than official figures indicate, as many victims choose not to report their experiences. He recalled an operation carried out with the police at Teshie Nungua Estate, where investigators uncovered the structured operations of a scam syndicate. "From my experience, when one person reports, and somebody is arrested, then you see 10 other people come to say, 'They did the same thing to me,'" he said. "My statistic is that it is only one out of 10 stories that is told. The rest are not told. It is only 10% of victims who actually discuss this or even report it."
The Future of Online Fraud
Ransford Nana Addo Junior warned that the increasing popularity of online shopping has created fresh opportunities for criminals to exploit consumers. He noted that fraudsters take advantage of people's preference for convenience by positioning themselves between legitimate retailers and customers. "The convenience that you seek, they will come between you and a retail shop and take money from you. The retail shop doesn't get the money, the customer doesn't get the goods, the criminal is happy," he said. As online shopping continues to grow, it is essential for consumers to be aware of the risks and take steps to protect themselves from AI-powered scams.
Source: Joy Online
