If you had told me a few years ago that robot taxis would become a normal, everyday occurrence in major cities across the US, I would have told you that you were crazy.
By now, we can see that Artificial Intelligence (AI) is here to stay. It is being integrated into our daily routines through web searches, social media, and even driving! AI will benefit us greatly in convenience and automation, but of course, it’s also being used by the bad guys.
The “bad guys” in this case are scammers, using Artificial Intelligence to comb through social media platforms and creating personalized situations that will catch your attention. These scams are getting increasingly more sophisticated, using multiple ways of contacting you, different phone numbers, the works. The FBI is currently warning Americans about a particular scam that they have started calling a “Phantom Hacker”. This scam alone has been reportedly used to steal over $1 billion in funds, with the majority of victims being at least 60 years old, according to FBI data.
The “Phantom Hacker” usually involves three steps: innocently offering tech support, followed by impersonating a financial institution, and ending with masquerading as a government official, if the victim becomes suspicious enough.
Cybersecurity isn’t something any of us learned in schools or even have an idea of what it means. Our custodian, Interactive Brokers (IBKR), takes a proactive approach to protecting our clients with secure login systems, two factor authentication, automatic logoff, IP restrictions, and a state-of-the-art security monitoring team. We are also notified by IBKR when any new moving money instructions are created on your account, so we are able to verify and be another layer of protection to our clients. Furthermore, Interactive Brokers is not a bank, and thus impossible to pay third parties; meaning your funds leaving your accounts can only go directly to you.
With the growth and development of AI, we are not the only ones getting smarter; so are the scammers. Best practices to protect yourself include keeping your passwords safe in a protected system, or my favorite way, in a notebook with pen and paper! Additionally, not allowing anyone to have access (remote or otherwise) to your computer. If you are ever concerned about an account being hacked, please call your financial professional or the financial institution directly to verify the situation.
We value your trust in us and want to assure you that Interactive Brokers and A Sling & A Stone is on the forefront of strength and security for your accounts.
As always, please don’t hesitate to call us at 512-553-5151 if we can be of assistance!
Best,
Samantha Bankson
Executive Assistant at A Sling & A Stone