The rapid evolution of artificial intelligence (AI) has spawned a new wave of digitally sophisticated scams that are proving to be a genuine threat to the integrity of cryptocurrency organisations, warns the co-founder of Web3 security firm Quantstamp. As new technologies arise, so too do the levels of sophistication cybercriminals utilise to scam their victims. AI is now being used as a tool to carry out increasingly convincing scams at an alarming scale.
The co-founder of the Web3 security firm, Quantstamp, Richard Ma, disclosed how the AI-powered scams operate. He gave an example of one Quantstamp’s clients who fell victim to such a scam. In this novel scheme, the scammer posed as the Chief Technology Officer of the targeted firm and messaged other engineers in the company. However, instead of immediately asking for information or money, he engaged them in conversation to establish credibility before making any requests.
According to Ma, these added steps of dependency greatly increase the success of such attacks. In the past, scammers would simply ask for payment in Bitcoin or gift cards whilst claiming there is some kind of emergency. With AI, the increased level of engagement and sophistication makes handing over sensitive information likelier.
One of the most existential threats posed by sophisticated AI scams is the potential scale of these attacks and how quickly they can be executed. By using automated AI systems, hackers can orchestrate advanced scams across thousands of different organizations with minimal human involvement. This is especially dangerous for cryptocurrency sectors as hackers are often gifted with extensive contact databases pertaining to key project people. With this, scammers can target a large number of people simultaneously and increase the odds of a successful scam.
Despite the escalation in the complexity and scale of these AI-powered scams, Ma has proposed a simple yet effective solution to combating these cyber threats. The protective measure begins with refusing to send sensitive information via email or text. Organizations should transition to internal communication platforms such as Slack for significant data sharing. He emphasised the necessity of checking everything twice and bringing focus back to the importance of using the company’s internal communication channels.
In conclusion, the arms race between the evolving technology and scam sophistication is just starting. AI has given both power and threat, challenging organizations to keep up with the pace whilst ensuring their security against convincing AI-driven scams. The struggle for safety will continue, escalating the necessity for vigilant discernment between human and AI communication.
Source: Cointelegraph
