A new Bankrate survey reveals 40% of U.S. adults have been hit by some form of financial fraud in the last year alone. That figure is up from 34% the year before, a clear signal that the problem is accelerating.
Nearly three-quarters of all Americans (73%) say they’ve been entangled in a financial scam at some point. This isn’t a niche problem affecting a careless few, it’s a near-universal American experience. And the consensus among experts is that the game has fundamentally changed, thanks in large part to the rise of artificial intelligence.
Most people’s first line of defense against fraud is vigilance. Their second, and far less commonly used, is having a financial plan that is specific enough and well-structured enough that a disruption to one part of it does not unravel everything else. A fiduciary advisor helps build that kind of structure. SmartAsset’s free matching tool connects you with up to three advisors in your area after a short questionnaire, with free initial consultations and no obligation to hire.
“It’s never been easier to commit fraud,” says Mason Wilder, a research director at the Association of Certified Fraud Examiners. AI has supercharged the scammer’s toolkit, enabling them to clone voices, create convincing fake videos, and craft phishing emails that are virtually indistinguishable from the real thing.
That technological leap is making it tougher than ever to spot a scam. Kathy Stokes, who leads the fraud prevention program at AARP, said that the new technology …
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