J.P. Morgan Warns of AI-Powered Scams
J.P. Morgan highlights the increasing use of AI by fraudsters to create convincing scams, including voice and video impersonations. The bank offers guidance to consumers on how to protect themselves.
New York – J.P. Morgan is alerting consumers to the growing threat of artificial intelligence (AI) being used to enhance fraudulent activities. Fraudsters are leveraging AI to create more sophisticated and believable scams, including deepfake audio and video, and AI-generated text that mimics legitimate communications.
Marlene Ross, Fraud Manager for J.P. Morgan Wealth Management, and Angelena Mascilli, Head of Wealth Management Banking & Liquidity, noted that AI significantly improves the quality of scam attempts. This technology can overcome the grammatical errors and awkward phrasing that previously tipped off potential victims, making emails, calls, and synthetic media far more convincing.
Common AI-enabled scams include impersonating bank or government officials, employing social engineering tactics with AI-generated fake online profiles, and extortion schemes that simulate emergencies involving loved ones. These scams often play on emotions like fear or urgency to pressure individuals into acting quickly.
The financial impact of fraud remains substantial, with the FBI reporting over $16 billion in losses last year, a 33% increase from 2023. J.P. Morgan emphasizes the importance of pausing, thinking, and inquiring before acting on requests, especially those demanding personal information, computer access, or payment via cryptocurrency or gift cards.
The bank advises consumers to stay informed about evolving threats, secure their online accounts with multi-factor authentication, and enable account alerts. Proactive education and a critical approach to unexpected or urgent requests are presented as key defenses against these increasingly sophisticated AI-powered scams.