AI Amplifies Crypto Scam Threat, Warns Web3 Expert

hThe utilization of artificial intelligence (AI) by cybercriminals in crypto scams has taken a concerning turn, introducing more sophisticated tactics. Jamie Burke, the founder of Outlier Ventures, a prominent Web3 accelerator, highlighted this worrisome development in an interview with Yahoo Finance UK on The Crypto Mile. Burke shed light on the evolution of AI in cybercrime and the potential consequences it holds for the security of the crypto industry.

The integration of AI into crypto scams enables malicious actors to create advanced bots that can impersonate family members, tricking them into fraudulent activities. These AI-powered bots closely resemble the appearance and speech patterns of the targeted individuals, leading them to make requests for financial assistance, such as wiring money or cryptocurrency.

Burke stressed the importance of implementing proof of personhood systems to verify the true identities of individuals involved in digital interactions.

Burke said: “If we just look at the statistics of it, in a hack you need to catch out just one person in a hundred thousand, this requires lots of attempts, so malicious actors are going to be leveling up their level of sophistication of their bots into more intelligent actors, using artificial intelligence.”  

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