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The age of artificial intelligence (AI) is here.  It is pervasive in daily stories about the world of finance.  Firms are certain to mention it in their quarterly earnings calls.  In short, it seems to be part of our future.  Like most phenomena, though, it comes with its downsides as well.  

The FBI has recently issued a public warning about a sophisticated and ongoing scam campaign that uses both text messages and AI-generated voice calls to impersonate senior U.S. officials.  Since April 2025, these malicious actors have targeted a range of individuals, especially current or former government officials and their contacts, in an attempt to gain access to personal accounts and sensitive information.  The scammers use techniques known as "smishing" (SMS or MMS text phishing) and "vishing" (voice phishing), often trying to establish trust before sending malicious links or requesting sensitive details.

These attacks are particularly dangerous because they leverage advanced technology, including AI-generated voices that can sound nearly identical to real people.  The perpetrators may use fake phone numbers, altered contact information, and even publicly available photos to make their messages seem more convincing.  Their ultimate goal is often to trick victims into clicking on harmful links, sharing login credentials, or even sending money or cryptocurrency.  Once they gain access to an account, they can use it to target additional victims, sometimes by pretending to be a trusted contact or colleague.

Earlier this month, the FBI made a public service announcement (click here to see it in full, honest, trust me ) with tips to protect yourself, recommending several important steps.  They suggest you always verify the identity of anyone who contacts you unexpectedly, especially if they claim to be a government official or someone you know.  They go on to remind you to not click on links or download attachments from unfamiliar sources, and to never share sensitive information or authentication codes over email, text, or phone.  Further, they suggest setting up two-factor authentication on your accounts which adds another layer of security, but remember never to share those codes with anyone.

Sure, there will be further benefits that have yet to reveal themselves as a result of AI.  Most believe a large boost in productivity is likely ahead as a result of the technology.  This may very well push our economy and experience of the world in directions previously unexpected. But we cannot turn a blind eye to the potential pitfalls, especially since they can have such negative consequences on you and your loved ones.