Older Americans lost $1.1 billion in frauds including AI-generated scams in 2022

Old people in the United States have been targeted with scams which has cost them $1.1 billion in losses in 2022, according to a report by Fox News citing annual Senate Committee on Aging report. The report highlights that most victims have been targeted with the help of artificial intelligence technology where the voices of people familiar to them was cloned.

The report highlights that during most prominent scams, criminals used AI technology to clone voices of victims' relatives or friends. The scammers then use the voices while asking for money from their targets, on phone calls. During the impersonation calls, they make emotional appeal for monetary help citing danger, injury etc.

Senator Elizabeth Warren believes the total loss figure of $1.1 billion is an underestimate as many victims don't report such frauds due to embarassment.

During a Thursday committee hearing on AI scams, committee chairman Senator Bob Casey highlighted the need of federal legislation to protect people from such AI-generated scams.

"Any consumer, no matter their age, gender, or background, can fall victim to these ultra-convincing scams, and the stories we heard today from individuals across the country are heartbreaking. As a parent and grandparent, I relate to the fear and concern these victims must feel," said Casey.

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Tahir Ekin, PhD, director of the Texas State Center for Analytics and Data Science highlighted the need to spread awareness about the modus operandi of such scammers using AI.

"Prioritizing the enhancement of data and AI literacy among older Americans, and actively involving them in prevention and detection efforts, stands as a cornerstone," said Ekin.

Threats from Artificial Intelligence(AI)

Increased research on AI has been red flagged by many eminent experts and scientists as well. Going by the realisation of some of the technology which were earlier depicted in Hollywood movies, some experts fear that what was shown in the hit movie series "Terminator" might become possible in near future.

Due to the threat, there have been increased demands to regulate the use of AI.

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