This holiday season, while many people are focused on buying gifts and planning family get-togethers, scammers are focused on something else: you. But unlike past years of email phishing attempts and spam calls, today’s fraudsters are more sophisticated than ever. The rise of deep fake technology, driven by artificial intelligence (AI), has opened the door for more convincing and harder-to-detect scams that could cost you money, personal data, and peace of mind.
Deep fakes — AI-generated images, videos, and audio that are nearly indistinguishable from the real thing — are no longer just fodder for viral internet pranks. These tools are being weaponized by cybercriminals in more nefarious ways. From cloned family member voices on phone calls to fake investment “gurus” on social media, scammers are using deep fakes to exploit the unsuspecting.
“As our world continues to progress into revolutionary technological advancement, potential digital dangers seem to be rearing their ugly heads our way,” says George Kailas, CEO of Prospero.ai, a fintech firm focused on democratizing investment tools for retail investors. “Online interactions are leading to a rising frequency of fraudulent activity – especially AI-driven fraud. Scammers are using tools such as generative AI and leveraging deep fakes to deceive unsuspecting individuals, including retail investors seeking market advice online.”
Kailas’ words ring true as reports of AI-enabled fraud have skyrocketed. The Federal Trade Commission (FTC) recently warned consumers of “voice cloning” scams, where AI-generated audio mimics the voice of a family member in distress, calling loved ones and pleading for money. The emotional shock often causes people to act without verifying the authenticity of the call.
With deep fake scams on the rise, here’s how you can protect yourself — and why it’s more urgent than ever to stay alert.
How Scammers Are Using Deep Fake Tech to Target You
Deep fake technology was once a novelty limited to Hollywood productions and AI research labs. But now, AI tools that create realistic images, videos, and audio are widely accessible — and cheap. Cybercriminals have seized the opportunity, targeting unsuspecting victims with new, harder-to-detect scams.
Here are some of the most common deep fake scams to watch for this holiday season:
- Cloned Voices of Family Members
Imagine receiving a frantic phone call from your “daughter” claiming she’s in trouble and needs cash immediately. The voice sounds exactly like her. The panic in her tone feels real. But it’s not her. AI-powered voice cloning technology can now replicate a person’s voice from just a few audio samples — like voice messages or video clips posted online. - Investment “Experts” and “Financial Gurus” on Social Media
If you’ve spent any time on TikTok or YouTube, you’ve likely seen self-proclaimed financial “experts” offering stock market advice or “insider tips” on where to invest next. While some may be legitimate, scammers are using AI-generated deep fake videos to create counterfeit investment experts. These fraudulent videos present a polished, professional appearance and are accompanied by seemingly valid data, making it difficult to separate fact from fiction. - CEO Fraud and “Imposter Boss” Scams
In corporate environments, scammers are using deep fakes to impersonate executives. Imagine receiving an email or video message from your company’s CEO telling you to authorize a wire transfer. The video appears legitimate — it even moves like a real human face. But it’s a scam. Deep fake technology enables cybercriminals to mimic the appearance and speech of executives, tricking employees into sending money to fraudulent accounts.
How to Protect Yourself From Deep Fake Scams
The best way to protect yourself from deep fake scams is to stay informed and develop a sense of “digital skepticism.” Here’s how to guard yourself this holiday season:
- Never Act on Urgency Alone
Scammers thrive on urgency. Whether it’s a “limited-time investment offer” or a loved one in “immediate danger,” the goal is to make you act before you think. Pause before reacting. Take a moment to verify the source of the call, message, or video. If you receive a call from a “family member in trouble,” hang up and call them back directly. - Verify the Source of Information
“You need to verify any opportunities and access you receive — both the accuracy of the information itself and the credibility of the source from which it came,” says Kailas. This is especially important when dealing with online financial advice. Just because a person looks like a financial advisor on TikTok or Instagram doesn’t mean they’re legitimate. Research them, check for credentials, and avoid giving out personal information. - Be Wary of Unsolicited Investment Offers
If you’re being pitched an investment opportunity by someone you don’t know or trust, that’s a red flag. Scam investment schemes often promise “guaranteed returns” or opportunities that seem “too good to be true.” As Kailas reminds us, “If something sounds too good to be true, the chances are… it is.” - Keep Personal Information Off Social Media
Avoid posting information that can be used for voice cloning or video deep fakes. Details like your voice in TikTok videos, pictures of your family, or your job title on LinkedIn can be exploited to create more convincing scams. Criminals can clone your voice or video likeness with minimal effort and use it to impersonate you to your friends, family, or colleagues. - Educate Family Members, Especially the Elderly
Scammers frequently target older adults who may not be as aware of how AI technology works. Talk to your family about how deep fake scams operate. Remind them to always call back family members directly if they receive a suspicious call.
Why Deep Fake Scams Are Increasing Now
Scams tend to surge during the holiday season for a simple reason: people are distracted. With gift shopping, holiday parties, and end-of-year deadlines, it’s easy to let your guard down. But that’s exactly what scammers are counting on.
The tools that scammers use have become more sophisticated as well. AI-based image and voice generation tools like DeepFaceLab, Synthesia, and ElevenLabs make it possible for criminals to create deep fakes with minimal technical expertise. Once reserved for large production studios, this technology is now accessible to anyone with a laptop.
The holidays are a time for giving, but they’re also a time for scamming. Scammers are counting on you to act on emotion and urgency. With the rise of deep fake technology, it’s becoming harder to separate real from fake — but not impossible.
By practicing vigilance, verifying information, and trusting your instincts, you can protect yourself from the growing threat of AI-driven scams.
