As contactless transactions and online financial transactions become commonplace due to the COVID-19 pandemic, cybercrime is becoming more sophisticated. Nowadays, it is necessary to be aware of advanced methods that even utilize artificial intelligence (AI). We hope you are aware of new types of cybercrime methods and never become a victim.

According to the Federal Trade Commission (FTP), one in four victims of fraud since 2021 were targeted on social media, and the amount of damage reached $2.7 billion. It is time to be wary of increasingly intelligent and cunning fraud methods. This time, with the use of artificial intelligence (AI), P2P crime with new patterns beyond imagination is expected to become rampant.

Types targeting P2P services directly

Recently, fraud methods targeting P2P payment services such as Venmo, Zelle, PayPal, Apple Pay, and Facebook Pay are on the rise. To prevent damage, it is safe to use services with security and dual authentication features like Cash App.

Beware of phishing attacks and AI voice phishing

Phishing attacks, a well-known and representative fraud method, are still prevalent. They impersonate government agencies, banks, etc., to steal sensitive personal information such as account information and inflict financial damage. In particular, with the development of AI technology, AI-created voices and synthetic photos are emerging, requiring caution.

Beware of messages stating "Suspicious activity in your account"

You may receive messages requesting a transfer of funds, citing reasons such as transaction cancellation or account freezing, claiming that suspicious activity has been detected in your account. It is safe to directly confirm with the relevant institution before taking any action.

Don't fall for "mistake transfer" refund requests

You should also be aware of methods that request a refund after transferring money through P2P, claiming it was a "mistake." Typically, the transferred amount is false or comes from a dummy account. If you refund it, the scammer will receive both the victim's transferred amount and the money from the P2P company.

Beware of "Help me" charity donation impersonations

Advertisements on social media requesting charitable donations may also be false. It is a method that induces donations by creating emotional and urgent situations.

Information theft impersonating "fraud dedicated staff"

There are also cases where impersonating a dedicated fraud department staff member of a retail company or vendor to request bank account information, credit card numbers, and other information. They use stolen information to create P2P accounts and use them for further crimes.

Beware of fake product sales

They may impersonate well-known companies to request payment for nonexistent products. Even if it is an unknown company, you should be suspicious if the product does not exist.

P2P transfers are convenient, but they are also vulnerable to fraud. Be careful of advanced methods that even use AI and be wary of unknown companies or unclear transactions.