AI Is Making Scams Smarter. Here’s How to Protect Your Business

Tyler Kert
Tamarack Wealth Management

It was only a few months ago that my grandma received a phone call. She answered the phone and was pleasantly surprised by a call from her grandson. Quickly discovering that her grandson had gotten into a rough situation and needed financial help, she asked who was calling. The caller, however, declined to acknowledge their name. Instead, they replied with, “You know who this is, grandma”. My grandma responded promptly, “I have six grandsons” and though the caller tried to persuade my grandma otherwise, she wisely hung up the phone and moved on. This is only one example of the many scams that are out there today. As AI surges in popularity and use, you must be wary of scams both on a personal and professional level. 

Not too long ago, most scams were easy to spot. Bad grammar, odd email addresses, and payment requests that made no sense were dead giveaways. You could delete the email, shake your head with a laugh, and move on.

But artificial intelligence has changed the game. Now, scammers can use AI to create perfectly worded emails, realistic-looking invoices, and even sound like the voice of someone you know. I don’t know whether my grandma was talking to a real person or an AI chatbot, and that is what is concerning.

AI Scams that Target Businesses

AI tools can now quickly learn how a CEO writes emails. They are able to mimic the tone, signature, and other details by scanning public communications or hacked inboxes. Scammers can feed that information into an AI program and generate messages that are virtually indistinguishable from the real thing.

Even scarier, AI-powered “deepfake” audio can clone a voice from just a few seconds of recorded speech. That means a scammer could call your office, sound exactly like your boss, client, or grandson, and instruct you to make an urgent wire transfer. It can feel very convincing in the moment.

One of the fastest-growing threats is fraudulent business emails. Using AI, a scammer can write a perfect imitation of your CEO’s style, asking your accounting team to process a payment to a “new vendor.” These emails bypass many traditional spam filters because they look and read like legitimate business communications.

And then there’s sophisticated phishing, where AI crafts extremely targeted messages that reference your company’s current contracts, employees, or even local events. It’s phishing with an emphasis on small important details rather than mass production, and it’s proving to be much more effective.

How to Protect Your Business

If you are going to avoid scams in this new artificial world, you’ll first need to change your mindset. Assume that any unexpected payment request, even one that looks or sounds legitimate, could be fraudulent. Urgency is the scammer’s best friend. It’s the same old trick as “buy today and we’ll throw in a second one for free.” If they can get you to act fast, they can bypass your normal checks and balances. Unexpected plus urgent equals a red flag.

Second, build in verification steps. Any change in vendor payment details should be confirmed by phone using the number you already have on file. Don’t use the one in the suspicious email you received. If your boss sends an urgent payment request, pick up the phone and call them directly before doing anything else.

Third, secure your systems. I know that it’s annoying to get 24 verification code texts in a workday, but this has proven one of the most effective ways to prevent hackers from getting into systems. If a hacker is unable to access the sensitive information they need to generate AI emails, you can avoid the problem before it starts.

The Bottom Line

AI isn’t just making our lives easier. It’s also making life easier for scammers. The technology can mimic voices, create clean emails, and generate fake documents faster and more convincingly than ever before. Unfortunately, the old advice of “look for spelling mistakes” simply doesn’t cut it anymore.

In our local community, small and mid-sized businesses can be more vulnerable than large corporations because we often operate on trust and relationships. Don’t let that valuable trust be compromised by a scam. With healthy skepticism, clear verification processes, and a team that’s trained to spot warning signs, you can keep your business safe from even the smartest AI attacks.

This material is for informational purposes only and does not constitute financial, investment, or tax advice. Please consult your tax advisor or financial planner to discuss your specific circumstances before making any decisions.

Tyler Kert, a licensed financial advisor and CPA, provides financial planning and tax consulting services at Tamarack Wealth Management in Cashmere, WA.