Did you ever imagine ‘80s movies and television shows like “The Terminator” and “Knight Rider” that showed machines doing things on their own could some day become a reality?

How about living in a world where we talk to our phones for help, unlock devices with our faces or ride in a self-driving car? We now can and this is in large part to the evolution of artificial intelligence.

While artificial intelligence brings about new innovations at a rapid pace, there’s a dark side to this. As we speak, scammers are using this technology to do bad things with our identities and money.

By using age old schemes, scammers have now added artificial intelligence as a main component to their fraud, creating convincing forms of exploitation such as deepfake technology, fake chatbots and synthetic identities, which many people haven’t even heard of. Until proper controls are put in place to prevent the bad guys from getting away with these crimes, it is up to us to take preventative measures.

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Here are some basic things you can do to avoid being a victim:

1. Don’t open any emails from anyone you don’t know or are expecting anything from, especially if there are links that can connect you to harmful websites.
2. Independently verify anyone who is calling you for money, whether it appears to be a relative in trouble or a convincing government representative. Always know who is on the other end of that phone call.
3. Monitor all financial accounts and credit reports. You can easily spot if someone has used your identity or taken money out of any account you have.
4. Don’t panic. Remaining in emotional control keeps you in the driver’s seat by thinking clearly and logically.

Artificial intelligence can be a wonderful thing but in the wrong hands, it can have devastating consequences. Don’t fall victim to scammers who want to steal your identity and money.  For more information on how to best protect yourself & financial well-being, feel free to reach out to us directly.

Guirguis & Gibbs Inc. is located at 27819 Smyth Drive Floor 2. Valencia, CA 91355. Give us a call at (661) 209-3287.

*Mark Guirguis is a Registered Representative of Cetera Financial Specialists LLC, member FINRA/SIPC. Cetera is under separate ownership from any other named entity. For a comprehensive review of your personal situation, always consult your tax and/or legal advisor. Neither Cetera Financial Specialists LLC nor any of its affiliates offer tax or legal services.

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