Reported by Jason Branning, CFP, RICP

Retirees need to be aware of emerging threats from the stories that are transmitted through various technologies. These threats could impact online security and gain access to your bank savings or investment accounts. Understanding that there are trapdoors that can be accessed or exploited through the technology is widely known. What is new is the use of artificial intelligence and its nearly-invisible influence that is being wielded through stories.

Being aware of how foreign maligned actors or scammers are using this technology can inform how you interact online, through text messaging and phone or video calls. Scammers and foreign maligned actors understand human nature. Increasingly, scammers and bad actors are turning to existing technology platforms and using artificial intelligence to exploit the unsuspecting through narratives.

Have you ever thought about how narratives shape your life: bucket lists in retirement, religious, political and investing, among others? When you interact on social media, what triggers you to create or share a photo or post, write a reply on a social post or “like” or heart emoji a photo? Platforms like Facebook, Instagram, X and even email capitalize on human psychology by offering instant gratification through the dopamine surges that we experience from responding to likes and notifications. 

When we use these social connecting platforms, we need to know that there are invisible forces at work buried in the algorithms

Each retiree must function on the front lines to defend themselves from ill- intentioned scammers. Retiree awareness of narrative threats through various technologies could impact online security and your financial accounts. Knowledge and action are required.

Self-Defense Strategies:

• Education: Educate yourself on existing scams:
  • Federal Bureau of Investigation
  • The Consumer Financial Protection Bureau
  • Internal Revenue Service
  • Federal Trade Commission
    • FTC Scam Glossary
  • Your state’s Attorney General’s office. Example: New York, Texas, Florida, California
  • Credit Monitoring Services
    • Experian
• Signals in the Noise: Determining what is true
  • Password/Phrase: Create a shared family password or phrase if you need to verify the identity of a caller who requests your financial assistance or information. This password or phrase should never be texted or emailed, rather discussed in person. The phrase or password can then be used to verify identity before sending any financial support or information. 
  • Skepticism: Be skeptical of anyone, even if they sound like a family member, on the phone and requesting that you send money because of an “emergency” situation.
  • Source Verification: Before you accept a story passed around on social media, know the source. By learning the source, you’ll gain fresh insight into possible motivations of a narrative. Consider the source before believing a narrative.
• Slow Down: Do not rush to make any payments or provide financial information. 

Read full report: https://www.thestreet.com/retirement-daily/tools-resources/defend-against-ai-scams