Fraudsters have found a new way to defraud elderly victims, using artificial intelligence (AI) and voice-over internet protocol (VoIP) technology to carry out tens of thousands or even millions of digital conversations. A Canadian criminal network is responsible for defrauding US victims out of $21 million between 2021 and 2024.
The fraudsters used VoIP to make it seem like calls were coming from US grandchildren, customizing the conversations with personal data they obtained through various means. This allowed them to dupe victims into believing the calls were legitimate, resulting in significant financial losses.
One of the key tools used by these criminals is language learning models (LLMs), which can be trained to clone a voice for just $11 per month and 1 hour of YouTube footage. This technology allows fraudsters to create synthetic voices that are almost indistinguishable from real people, making it easier for them to carry out successful attacks.
Synthetic identity fraud costs banks an estimated $6 billion annually, with the US experiencing the fastest growth in this type of fraud. Criminals are exploiting data breaches and using cheap software and AI-powered tools to create fake IDs, making it essential for individuals and financial institutions to take steps to protect themselves from these types of attacks.
Linda Evelyn Namulindwa
@LindaEvelyn_N
·
3h It breaks my heart to know that people like this exist.
Yesterday, I bumped into some of the victims & had a conversation with one of them. He shared how he lost 9 million shillings to this man known as Don Chris, who used a company called Skypinz to scam many Ugandans,
Shazi
@ShaziGoalie
·
May 28 Fortress founders defrauded 14,000 Canadians out of $920M. Guilty of fraud beyond a reasonable doubt.
And yet… they walked out of court free.
No sentencing. No handcuffs.
White-collar justice in means you can loot a nation and still sleep in your own bed.
H/T
@BenRabidoux
Qᴀɢɢ.ɴᴇᴡꜱ
@qaggnews
·
Jul 5 The ringleader of a $30 million scam network that preyed on seniors across a staggering 46 states has finally been arrested and now faces decades in prison for the alleged fraud.
Gareth West of Canada was taken in custody Friday for the scamming ring, in which callers phoned the
KLOVERCOINS
@KLovettMusic
·
Jul 4 This would fix my day.. I lost $26,000 CAD today and yesterday to two different scams. the first was a trip advisor scam. the second was http://Canadarefundhelp.com, when they took 6K from me tonight claiming they would help me recover the 23k I lost yesterday.
Happy birthday 2 U
Jonathan
@Florress18
·
Jul 4 That’s terrible. They’re spreading like wildfire. Had same terrible experience with them. Made countless reports here but all to no avail. I was able to get my funds recovered thanks to
@Decryptrecoup
who prioritized and helped see through my case. Couldn’t be more grateful
Rod D. Martin
@RodDMartin
·
Jun 9 3/ California company posed as govt partner, STOLE millions from unsuspecting Americans.
These FRAUDSTERS used official-looking documents marked “FINAL NOTICE” to trick people into paying thousands in upfront fees. They promised loan forgiveness but delivered NOTHING!
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