Scammers are using AI to make romance scams look more legitimate – NBC Los Angeles

Scammers are using artificial intelligence to trick people looking for love this Valentine’s Day.

Fraudsters are sending people AI-generated images, videos and voice messages over social media or email to establish trust and convince them they’re a real person, experts told NBC Los Angeles.

Once scammers gain the potential victim’s trust, they ask the person to send money or make purchases on their behalf.

Sometimes, fraudsters establish trust through “pig butchering,” a type of investment fraud in which scammers communicate with people over the course of several weeks or months and convince them to invest in fake cryptocurrency schemes.

The type of scam got its title because criminals build trust through affection as if they are fattening up a pig. They will eventually “butcher” the victim by stealing their money.

“There are people who could be slightly more desperate or more open to believing someone if they fall in love,” said Eyal Elazar, vice president of market intelligence at Riskified, an AI-based risk intelligence platform that monitors e-commerce.

The scam has already taken billions of dollars from victims, according to a study from the University of Texas at Austin.

Chainalysis, a blockchain analytics company, predicts that nearly the same amount will be stolen this year. 

“What we’re seeing is that this is also (a) time of year where people can get scammed out of sending money to a new love or having a new lover convince you to buy crypto and sending it to them,” Elazar said. “This is not, unfortunately, uncommon.”

While AI has made the scams look more legitimate, there are ways to detect them.

One method is to know the scam’s pattern: unsolicited contact, trust-building and then a lure into fake investment schemes, according to Balazs Faluvegi, a senior analyst at BrokerChooser, an online broker platform.

“Scammers push victims to make increasingly larger “investments” and send crypto transfers that can’t be reversed,” Faluvegi said.

Another method to detect AI-generated scams is to copy and paste any messages, photos or videos into an AI chatbot, which Elazar said can provide a good estimate on whether something is fraudulent.

Romantic scams are typically more prevalent around Valentine’s Day as the FBI issued a warning in Southern California this week.

Elazar reminded people to remain alert when receiving online messages and to be extra cautious before making any purchases or clicking on links.

The National Retail Federation expects around $30 billion worth of transactions to take place this Valentine’s Day, with one-third of consumers getting gifts for their loved ones.

BrokerChooser issued a list of warning signs that people should be on the lookout for to prevent falling victim to a “pig butchering” scheme:

• Think twice if your “match” is moving too fast
• Watch for manipulated trust
• Be wary if they push encrypted platforms
• Don’t be dazzled by flashy “success stories”
• Watch for high-pressure tactics
• Beware of fake trading websites