The Dangers of AI in Financial Fraud: How to Protect Yourself
January 30, 2025
Imagine this: You’re at home, checking your bank account online. A pop-up message suddenly appears, claiming to be from your bank, Heartland Bank. It asks you to verify your identity by clicking a link or entering your personal information. The message looks so convincing—complete with logos, design and tone—that you act quickly. But by the time you realize something’s wrong, it’s too late. The message wasn’t from your bank at all. It was a sophisticated scam using AI to trick you.

How AI is used in financial fraud.
In recent months, the Federal Bureau of Investigations (FBI) and the Internet Crime Complaint Center (IC3) have warned about the rise of AI in financial fraud. Criminals use AI to create realistic scams that mimic trusted institutions like banks, credit card companies and even government agencies. These scams can take many forms, including phishing emails, fake websites and even automated phone calls. AI allows fraudsters to generate believable content, such as emails, texts and phone calls that seem authentic, making it difficult to tell the difference.
One common technique is the use of "deepfake" technology, which uses AI to imitate voices or appearances. For example, a fraudster could use AI to replicate a bank employee’s voice during a phone call. This makes it harder for victims to spot a scam.
Moreover, AI helps criminals automate the process of gathering personal data, allowing them to target individuals with greater precision. For instance, if they know you’ve recently made a large purchase, they might use this information to craft a convincing scam that seems directly relevant to you.
What you can do to protect yourself.
- Be Skeptical of Unsolicited Requests
If you receive unexpected messages or calls asking for personal information, always be cautious. Heartland Bank will never ask for sensitive data, like your account number or PIN, via email or phone. If you’re unsure, don’t click on any links or provide any information. Contact Heartland Bank directly through our official phone number or website. - Watch for Red Flags
AI scams may look convincing, but there are often signs that something’s off. Watch out for misspellings, strange language, or requests that don’t seem normal. Scammers often create a sense of urgency to get you to act quickly. If a message seems odd or overly urgent, take a step back. - Enable Two-Factor Authentication (2FA)
Many financial institutions, including Heartland Bank, offer two-factor authentication, which adds an extra layer of security. This means even if someone obtains your password, they will still need a second verification step to access your account. - Stay Informed About the Latest Scams
Since AI-driven fraud is constantly evolving, it’s important to stay up-to-date on the latest threats. The FBI and IC3 regularly release information about emerging scams. You can read more about AI and financial fraud in their FBI warning and IC3 PSA. - Use Strong, Unique Passwords
Make sure your online banking accounts have strong, unique passwords. Avoid using easily guessable information, like your name or birthdate. Combining a strong password with 2FA can significantly improve your account’s security.
What to do if you suspect fraud.
If you believe you’ve fallen victim to AI-driven fraud, act quickly. Contact Heartland Bank immediately. Our team is ready to help secure your accounts and guide you through the next steps. You can reach us at 1-888-897-2276.
Additionally, report the incident to the FBI’s Internet Crime Complaint Center (IC3) at ic3.gov. The IC3 is the central hub for reporting online crimes, including financial fraud and can help with investigations.
Conclusion
As AI technology continues to evolve, so will the tactics criminals use to exploit it. Protecting your personal information is essential. Stay informed, remain skeptical of unsolicited requests, and contact Heartland Bank if you suspect fraud. Taking these steps will help safeguard your finances.
This article may reference and link to third party information that has been verified to the best of our abilities. There is no guarantee of accuracy. Heartland Bank does not endorse companies, services, or products referenced in its articles and is not responsible for the content, links, privacy, or security policies of these third parties. Information in the above article may include material from the American Bankers Association (https://bankingjournal.aba.com/2024/12/fbi-issues-warning-on-ai-used-for-financial-fraud/), the Federal Bureau of Investigations websites (https://www.ic3.gov/PSA/2024/PSA241203) and (https://www.ic3.gov/) and Heartland Bank and Trust Company website (https://www.hbtbank.com/fraud-alerts-by-phone-or-email).