Scottsdale Community Bank Warns Consumers About the Scams They’re Seeing Most

Cybersecurity Awareness Month Brings New Warning as AI Helps Fraudsters Create More Convincing Emails, Calls, Texts and Identities

“Think before you click.”

That advice has been around for years, but artificial intelligence is making it harder to tell whether an email, text or other message comes from a legitimate source or a scammer. Bad spelling, awkward grammar and suspicious-looking email addresses once made many scams relatively easy to spot. Not anymore.

As Cybersecurity Awareness Month gets underway in October, Scottsdale Community Bank is warning consumers that artificial intelligence can now help clone voices, generate deepfake images and videos, and even fabricate identification documents that can make a scam appear to be surprisingly legitimate.

“The days of bad spelling, bad grammar and fuzzy logos are over,” said Steve Cohen, Scottsdale Community Bank’s EVP, Enterprise Risk Manager, COO and CCO. “Current AI technology has replaced many of those traditional clues with polished and personalized messages using correct spelling and grammar, voice cloning and deepfake photos or video. Consumers who assume they can tell whether or not an email, text or phone call is legitimate can quickly get into trouble if they don’t take the time to independently verify them.”

Cohen said some of the biggest threats banks and consumers face today don’t depend on sophisticated hacking. Instead, criminals often manipulate people into handing over their own money, passwords, security codes or other information through “social engineering.”

While phishing and impersonation scams aren’t new, criminals now have far more ways to make them convincing. Some use AI to mimic people or businesses, while others lure victims with fake investments, job offers, online shopping deals or romantic relationships. Identity theft, ransomware and other types of malware also add to the growing list of threats.

Scammers may also impersonate banks, themselves. Cohen said it raises a red flag when an unexpected call, text or email creates a sense of urgency, especially if it seems to be coming from someone in a position of authority or from a family member or friend. The same holds true if the sender threatens consequences unless another party acts quickly. Requests for passwords, authentication codes or money also warrant taking a closer look, as do instructions to click on a link, open an attachment, install software or purchase gift cards or cryptocurrency.

“A legitimate call from your bank will never include a request for your personal access credentials, including usernames, passwords or security authentication codes,” Cohen said. “Banks already have verified ways to contact their clients, so there is no need to provide confidential identifying information in response to an unexpected call, text or email.”

Cohen added that Scottsdale Community Bank clients can always contact a live person directly to verify the legitimacy of a call, email or other correspondence before taking action.

Consumers may also invite criminals in without realizing it. Cohen said banks often see issues resulting from reused or easily guessed passwords, unexpected email attachments and links, missed software or security updates, and using unencrypted public Wi-Fi. Trusting caller ID can also prove risky, as can sharing too much personal information online or failing to regularly review bank and credit card activity.

“Scams have become much more sophisticated, and anyone can encounter one that looks or sounds convincing,” said Scottsdale Community Bank President and CEO Neill LeCorgne. “We want people to know what to look for before something happens and, just as importantly, what to do if they realize they’ve made a mistake. A few minutes spent independently verifying a request can make a huge difference.”

Cohen said consumers who believe they’ve been victimized by a scam should take immediate action. Anyone who believes a computer or device has become compromised should disconnect it from the internet and contact the bank from another device, using a phone number from a bank statement, debit card, official website or mobile app rather than using contact information given in the suspicious message.

Consumers should also tell their banks right away if they transferred money or distributed any verification or security codes. Cohen also recommends changing potentially compromised passwords, placing fraud alerts with the three major credit bureaus and closely monitoring bank accounts and credit reports for activity they don’t recognize. Consumers can also report fraud to the Federal Trade Commission and law enforcement.

For Cybersecurity Awareness Month, Cohen recommends that consumers take these three steps to make it harder for scammers to succeed:

• Never assume a scam will be easy to spot. Be skeptical of any unexpected or unusual calls, emails and texts and independently verify requests using known, trusted contact information.
• Never share passwords, security codes or other sensitive or identifying information in response to an unexpected request.
• Slow down when a message demands immediate action. Read it carefully and independently verify anything that raises doubts before clicking a link, opening an attachment, sending money or providing information.

“Think before you click” remains simple advice, Cohen said, but advances in technology are making reminders particularly important.

For more about Scottsdale Community Bank, visit ScottsdaleCommunityBank.com.