The advent of artificial intelligence (AI) risks making Canadians already worried about bank fraud vulnerable to scams, according to a recent survey from Royal Bank of Canada (RBC).
According to the annual RBC Fraud Prevention Month survey, nine out of 10 Canadians believe the use of AI will lead to an increase in fraud in the future, making them more vulnerable to scams.
The survey shows that 81% of respondents believe that AI will make phone fraud difficult to detect, particularly fearing voice cloning and identity theft.
The study shows that phishing (generic email or SMS scams), spear phishing (real-looking emails or text messages), and voice phishing (targeted phone or voice message scams) remain the three most common types of scams.
On the other hand, about 56% of respondents said they have noticed an increase in the number of hyperfaking scams, while almost half (47%) have noticed an increase in voice cloning scams.
“With the proliferation of voice cloning and hyperfaking technologies, fraudsters are able to refine their telephone and digital tactics,” said Kevin Purkiss, vice president of RBC Anti-Fraud.
“Criminals continue to incorporate new technologies into their tactics, and the best way to defend yourself is to remain vigilant and take additional measures to protect yourself,” Purkiss recommended.