Top Cyber Scams to Watch Out For in 2024

Digital-based scams are nothing new, but recent technological developments – especially in artificial intelligence – are helping scammers grow more sophisticated in their attacks and leaving users more vulnerable. In 2023, the FBI reported nearly 900,000 cases of suspected internet crime totaling nearly $12.5 billion in damages and losses. The lucrative nature of these attacks and the challenge users face in battling these evolving schemes means these numbers are likely to increase in the future unless we take proactive measures to protect ourselves. Here, we look at some of the newest and most innovative scams to watch out for in 2024 and beyond. 

Crypto Scams 

Investment scams promise huge financial gains on cryptocurrency investments for the holder if they transfer their cryptocurrency to the fake financial manager. Scammers may also pray on individuals’ vulnerabilities by posing as celebrities or potential love interests, or socially engineer scams through social media. Once the crypto is transferred, the criminal sells or offloads the coin, leaving the original holder empty-handed. 

Cryptocurrency phishing scams involve deceptive tactics that trick individuals into revealing sensitive information, such as private keys or personal details related to their digital wallets. Scammers often initiate these attacks through email, social media, and text messages. By sending emails that mimic legitimate crypto exchange communications or creating lookalike replicas of authentic crypto trading platforms, scammers may get users to unknowingly enter their private keys onto these sites.  

Scammers are also targeting crypto holders through fake software upgrades and stealing two-step verification codes often required to access digital wallets. Others set up fake crypto exchanges and wallets, enticing users with lower prices and frequent investment requests. 

Robocall Scams 

Long the bane of nearly all recipients, robocalls are nothing new. However, as these calls become powered by artificial intelligence, they are becoming increasingly convincing and manipulative. AI can be used to clone voices and spoof numbers, making scam calls look like legitimate outreach from banks, government agencies, and other organizations. “When combined with well-thought-out social engineering campaigns, GenAI can cause unprecedented financial damage in mass-scale phishing or fraud campaigns,” states Dr. Ilia Kolochenko, an adjunct professor at Capitol Technology University and global cybersecurity expert, in his recent interview with Fox News.  

AI is even being used to spoof voices of family members and other loved ones to fake kidnappings and demand ransom. These scams are so prevalent and dangerous that using AI-generated voices in robocalls is now illegal in the United States. 

Exploitive Emails 

The number of exploitive spam and scam emails that people receive daily is daunting. Some hackers have found a new exploitation by using a workaround within OneDrive and the app, OneNote. They send what looks to be a legitimate link to your email, which opens a OneNote file. There may be a “button” to press, such as “View PDF Here,” which is actually an overlay banner hiding several run scripts and .exe (execute) files underneath. When you click the “button”, you initiate a malware download onto your device. They can also manipulate the OneNote file to ask you to enter your OneDrive credentials. If you receive an unexpected OneDrive or OneNote file from a trusted sender, such as in the workplace, it is best to call the sender to be sure it’s safe before opening. 

AI-Powered Scams 

Despite many of these tech-based scams being around for decades, artificial intelligence is helping to make them easier to set up and harder to detect. AI is being used to write more believable text for phishing emails and create fake social media profiles that can trick users into sharing personal information. Fake apps and websites may claim to use GPT technology but are a vehicle for scammers to trick users into entering sensitive information. And AI-powered scams are deceiving people in two of their most vulnerable settings – in the workplace and in their love lives – by creating convincing but fake job postings and online dating profiles. Backed by AI, these scams can more efficiently and effectively trick users and leave them vulnerable to financial and emotional exploitation. 

Other Cyber Threats 

While these scams may be the most novel or prevalent, there are plenty of other cyberthreats threatening our financial security. Instead of being erased chemically, physical checks can be altered digitally and reprinted to show a new payee and then deposited through a mobile banking app. Scammers can also capture your simple responses during a phone call to create a deepfake of your voice to navigate automated phone menus and conversations for their benefit. These deepfakes can be applied to the common “grandparent scam,” where someone pretends to be a grandchild in legal trouble who calls their grandparent asking for money. In a similar tactic, scammers may pretend to be a family member who is having trouble on a trip – a lost wallet, a run in with police, a medical emergency – and then reach out to a person’s phone contacts or Facebook friends asking for money. Fraudulent claims that you’ve won a digital sweepstakes can leave you vulnerable to identify theft as well, as scammers may ask for personally identifiable information like a social security number to distribute your prize. When they have that information, they can open credit cards in your name and access other financial resources. 

Quick Tips for Protecting Against Scams 

When protecting yourself against cybercriminals, you must be vigilant and wary of incoming threats. From emails to physical mail to phone calls to social media messages – each of these avenues has potential for scams. Below are just a few of the many tips that can help prevent falling victim to such crimes: 

• DO NOT CLICK any links within an email, text, or social media message that you do not trust. If you do trust the sender and they send you a link unexpectedly, call them to verify first. Even trusted sources can get hacked, and even just clicking a link or opening a PDF, etc. can install malware onto your computer. 

• If it sounds too good to be true, it is. Do not trust offers of money, free items, or suspiciously good deals, especially if it requires an exchange of sensitive information, money up front, or bargaining outside of a protected site. 

• Hover your mouse over a hyperlink (do not click it) to check what the actual link directs to – if it is different from the hyperlink text, avoid it. 

• Be wary of solicitors that call you first, or out of the blue. For example, if your bank calls you asking for information, politely hang up and call the number on their official website and check if they just called you. More likely than not, the original call was not from them. 

• Look out for spoof numbers that pretend to be from a legitimate source. Malicious actors can mask their numbers to read as actual government agencies like the FBI. 

• Agencies like the IRS, MVA (DMV), and United States Postal Service have specific methods of contacting you and what information they collect. For example, the IRS will never call or email you, they only send physical mail, and the USPS will not text you about a package hold. Be wary of suspicious communications from people who claim they are from these agencies. 

• Shred documents and mail that display your information before throwing them away. 

• Be on the alert for Facebook marketplace or Craigslist scams, like fake paper bills, fake Zelle and PayPal emails or texts, and other scams.  

• Do not log into an account from an email or text received. Type the site into your browser or log in from the app.  

• Set up online banking alerts for any transaction run on your credit card or accounts. Most banks will send a text alert for any charge, or changes made to your account, but you often need to set these parameters yourself. 

• Consider setting up secure online payments for bills instead of sending physical checks in the mail, as this practice has become increasingly risky. 

• Install and routinely run anti-virus on your devices from trusted vendors and have your Windows, Android, or Apple software set to update regularly. Security patches are important for protecting your computer and cell phone. 

• Do your research – watching the news, joining your neighborhood’s Nextdoor app group, and searching information online from legitimate sites can help you stay in-the-know as to what to watch out for when it comes to both local and global scams. 

Cybersecurity Education with Capitol Tech 

Capitol Technology University is a leader in cybersecurity education, recognized by the National Security Agency (NSA) and Department of Defense (DoD) as a National Center of Academic Excellence in Cyber Defense (NCAE-CD). We are committed to cyber education that emphasizes the ethical and technical proficiencies needed to excel in the field. Our Cyber & Information Security programs teach students how to identify and protect against cyber scams that threaten organizations, helping them become experts across many industries and trades. For more information, contact our Admissions team or request more information.