Emerging AI-driven scam attacks on businesses: exploiting individual vulnerabilities
In recent years, Artificial Intelligence has been revolutionized by many advances in the world of science, mathematics, physics and so on. There were challenges and problems which were not solvable in our lifetime but now AI is solving these kinds of problems and challenges beyond human performance and accuracy.
AI is rapidly changing every year, month, day, minute and every second. Businesses have encountered a series of threats in the business community, many of these threats is being driven and powered by the rise and advancement of artificial intelligence (AI).
This comes in the form of social engineering, phreaking, pharming, masquerading and the most common one is phishing. These juicy scams are increasingly targeting businesses by exploiting the vulnerabilities of individuals within these organizations, creating a significant risk that every business owner and employee should be aware of.
Rise AI-driven scams
AI-driven are a new breed of cyber-attacks which cyber criminals use to attack businesses by exploiting individual vulnerabilities. These attackers use machine learning, deep learning and AI technologies to imitate human behaviours with creepy realistic accuracy.
This scam mostly involves social engineering techniques, where these scammers manipulate individuals associated with the business to gain unauthorized access to sensitive data, finances and other valuable resources of the business.
The danger about these AI-driven scams is how they mimic human behavior. These help them access vast amounts of personal and organizational data, AI techniques and algorithms can tailor their attacks to mimic trusted individuals or common business data day-to-day operations, making it difficult to detect the fraud before it is beyond control.
How AI exploit individual vulnerabilities
Cybercriminals are in a race and the human element is often regarded as the weakest link when performing penetration in an organization’s cybersecurity defenses. Attackers use this AI to automate and refine their attacks. AI-driven scammers take advantage of individuals by focusing on the psychological and behavioural patterns of their targets.
Attackers can use AI to simulate the email of company executives, tricking employees into wiring funds to a fraudulent account, mostly known as a Business Email Compromise (BEC) attack. This stimulation is done beyond accuracy and undetected.
AI-powered chatbots and voice impersonation tools have become more advanced in recent years. These scammers can create phone calls that seem the same as real conversations with known contacts. In this instance, individuals may unknowingly provide sensitive information to what they believe to be a legitimate business request.
Phishing emails are the most common attack by these cyber criminals. Scammers use AI to craft highly convincing emails, exploiting the employees within the business perfectly based on their responsibilities and their roles.
These emails are mostly malicious links and embedded that, once clicked, can grant these scammers access to company confidential data or access the business network to steal what intention is driving them to access the business resources.
Real-world consequences for businesses in these attacks
The general impact of these AI-driven scams on businesses is very worrying. In addition to losing huge financial assets of the business, sensitive data and reputation are being lost and damaged. The business where these attacks are carried out loses the trust of their client, partners and customers leading to long-term consequences that go beyond immediate monetary cost.
A recent incident involved a medium-sized firm that was tricked into transferring a huge amount US$750,000 to a fraudulent account after an AI-powered attack mimicked the firm’s Chief Executive Officer (CEO). It was then later discovered that the scammers had been collecting data on the company CEO’s communication style and personal information for months, enabling them to create a convincing impersonation.
Protecting your business against AI-driven scams exploited through individual
Businesses can protect and remain vigilant in protecting themselves from these AI-driven scam attacks by implementing a strong culture of cybersecurity within the business. Here are some key steps every business should be taken:
- Training
Employee training is the first step to be taken for them to recognize phishing emails, suspicious messages, AI automated calls and other scam tactics is crucial. Employees should be aware of how AI-driven exploits work and how to respond to these scams.
- Multi-Factor Authentication (MFA)
Implementing MFA across business systems adds on the confidentiality, Integrity and availability (CIA) of information security. Even if a scammer gains access to credentials, MFA can prevent unauthorized access and modify sensitive data.
- Advanced cybersecurity tools
Investing in high cybersecurity solutions that use AI to detect, notify and prevent threats in real time is essential. These tools can analyze data automatically through unusual patterns or operations and flag potential attacks before the scammer succeeds.
- Clear line of communication protocols
Establishing clear protocols for verifying sensitive requests, especially those involved in financial transactions of the business. Employees should verify large transactions with a phone call or in-person confirmation rather than relying solely on email which is most risky.
- Data privacy and limitation
Businesses should minimize the amount of personal and sensitive information that is accessible to employees. There should be limitations on who and how employees can access this information. Limiting access reduces the chances that scammers can exploit individual vulnerabilities.
Conclusion
AI continues to evolve, so do the treats also increase day in and out. Businesses need to stay ahead by being proactive in their cybersecurity efforts and understanding how AI-driven scams target their weakest-link ‘individuals’.
The best ways for businesses to stay informed and implement strong security measures, businesses can protect themselves from the rising vastness of these AI-driven scam attacks.
Being informed of these new threats, social trends of security and preparing for them will not only save money but also protect the trust and relationships businesses have built with their clients and partners.
This article brings awareness to the potential dangers of AI-driven scams and how businesses can mitigate them. Preparations are the key in an ever-evolving digital landscape and businesses that remain vigilant will be in a good position to tend off this new form of attacks always striking on them.
>>>the writer is a Cybersecurity and Machine Learning Expert.