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Scammers Are Using AI to Target Small Businesses  

2024-03-24 – BE&O AB

As the use of artificial intelligence becomes more common, online scammers are using the technology to steal money. 

Courtney Kincaid, the President and CEO of the Indiana CPA Society, says scammers are using AI to ramp up their fraud efforts, and small business owners need to be on the lookout. 

Kincaid says one of the best ways to fight back against AI-enabled fraud is to use multi-factor authentication on all of your online accounts and to make sure your passwords are strong and not easily guessed. Since a scammer can gain access to your accounts multiple ways, Kincaid also says it is important to train your staff to use authentication and strong passwords.   

While many consumer protections are being implemented, Kincaid warns small business owners not to let their guard down, especially on social media platforms, where personnel information is easy to find. 

One fast-growing trick used by fraudsters is the use of AI voice mimicking. A scammer can call a business pretending to be an owner or manager and request a fund transfer or valuable account information. Kincaid says it is important not to answer phone calls from unknown numbers.    

If you have been hacked or fallen victim to a scammer, Kincaid says it is important to inform your CPA immediately so proper steps can be taken to secure your accounts and information.