Scammers might use new technology and recent events, such as AI and student loan forgiveness, to add a twist to tried-and-true scams. Learn about the latest techniques to stay safe in 2024.

As in previous years, many of the latest scams in 2024 will likely involve twists on time-tested scams. Scammers and fraudsters are expected to exploit new technology and emotions around major events to trick and scare people. But scammers will always have the same goal—to get your personal information or money. Learning about these latest developments will hopefully help you stay one step ahead.

AI-Powered Scams

Perhaps the most obvious example of scammers using new technology to power existing scams comes from artificial intelligence (AI). For example, scammers might use AI to:

• Write more convincing and natural-sounding phishing emails and text messages.
  Create deepfakes of celebrities to trick victims into thinking they’re investing in a good company or project.
•  Impersonate the victim’s friend or relative and ask for money as part of a grandparent scam.
•  Impersonate an employer and ask for personal information.

The potential to create an image, video, or voice of someone else could make existing scams even more believable and opens up new opportunities for scammers.

Student Loan Forgiveness Scams

The back-and-forth changes in student loan forgiveness create a ripe opportunity for scammers. The scammers know people want to believe their student loans will be forgiven, and they’ll use that hope for their personal gains.

For example, scammers may contact you via phone or create phony application sites aimed at stealing your Social Security number or your bank account information. They may put pressure on their victims with fake urgent messages that encourage you to apply for debt relief “before it’s too late.” Then they’ll charge you a hefty application fee. In reality, it’s a scam.

It costs nothing to apply for student loan forgiveness, so someone asking you to pay a fee could be a scammer. In addition, the U.S. Department of Education won’t contact you by phone. You can stay safe and avoid student loan forgiveness scams by going directly to the Department of Education website for information about applying for forgiveness.

Phone Scams

Scammers may contact you by phone, and some phone scams rely on smartphones’ capabilities to access the internet and install malware. These can include:

• Robocalls: Robocalls have people’s phones ringing nonstop with increasingly natural-sounding recorded voices. They may offer everything from auto warranties to vacations or issue a threat to try and get your attention. Some robocalls can even respond to your questions.
•  Impersonators: Scammers impersonate IRS personnel, police, survey takers, relatives, delivery people and well-known companies to threaten you or gain your trust. They use scare tactics related to your Social Security number, criminal record, or account before asking for your personal, account or credit card information.
• Apps: Scammers may try to get you to install a malicious app to steal your information. Or they might create a nearly identical copy of an existing app and then make money from in-app purchases.
• QR codes: These convenient codes have gained popularity as a touchless option to do things like read a restaurant menu or make a payment. However, scammers place their QR codes in inconspicuous spots, and scanning the code could prompt you to make a small purchase or enter your credentials on a look-alike website.
•  One-time password (OTP) bots: Some scammers use so-called OTP bots to trick people into sharing the authentication codes. The scammer might try to log in, prompting the bank to send you a one-time code. At the same time, the bot imitates the company and calls, texts, or emails asking for the code. The timing might convince you that the bot’s request is legitimate. However, if you respond, it sends the code to the scammer, who can now log in to your account.

2024 Spotlight: Text Scams

Text message-based scams are an especially popular type of phone-based scams. The Federal Trade Commission (FTC) says one reason may be that texting is cheap and easy. According to its 2022 Consumer Sentinel Network Data Book , Americans lost over $330 million to text scams in 2022.

These scams can take many forms, but the scammers often impersonate a well-known company, such as a bank, online retailer, delivery company or government agency. They might say there was suspicious activity in your account, your bill is past due, your item couldn’t be delivered or that you were selected for a job interview.

They all have one thing in common—they ask you to click on a link or call a number. Often, these are smishing attempts to get you to share personal information or install malware on your device.

How to Avoid a Scam

While scammers’ delivery methods and messaging can quickly change, a few basic security measures can help protect you from the latest and most common scams:

• Be skeptical when someone contacts you. Scammers can spoof calls and emails to make it look like they are coming from different sources, including government agencies, charities, banks and large companies. Don’t share personal information, usernames, passwords or one-time codes that others can use to access your accounts or steal your identity.
• Don’t click unknown links. Whether the link arrives in your email, a text, or a direct message, never click on it unless you’re certain the sender has good intentions. If the message says it’s from a company or government agency, call the company using a number that you look up on your own to confirm its legitimacy.
•  Be careful with your phone. Similarly, if you suspect a spam call, don’t respond or press a button. The safest option is to hang up or ignore the call entirely. You can always look up the organization and initiate a call yourself if you’re worried there may actually be an issue.
• Enable multifactor authentication. Add this feature to any accounts that offer it as an option and try to use a non-SMS version to protect yourself.
•  Research companies before taking any action. Before you make a purchase or donation, take a few minutes to review the company. Do a web search for its name plus “scam” or “reviews” and research charities on Charity Navigator and CharityWatch.
• Don’t refund or forward overpayments. Be careful whenever a company or person asks you to refund or forward part of a payment. Often, the original payment will be fraudulent and taken back later.
• Look for suspicious payment requirements. Scammers often ask for payments via wire transfer, money order, cryptocurrency or gift cards. These payments can be harder to track and cancel than other forms of payment, which can leave you stuck without recourse.
• Create a family password. Create a family password that you can all use to verify that it’s really one of you on the phone, and not someone who created a deepfake of your voice.

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