Online Scams in the AI Era: Insights from INTA Leadership Panel
As the digital landscape continues to evolve, scams pose a significant threat to brands, businesses, and consumers alike. During the INTA Leadership meeting in New Orleans, industry experts discussed this pressing issue in a panel discussion titled “Fighting Online Scams in the AI Era.” Marc Trachtenberg of Greenberg Traurig, LLP moderated the panel, which included insights from Fidelity Investments’ Thomas Barry, ARC’TERYX consigliere Tom Herbst, and BrandShield CEO Yoav Keren. Here’s a breakdown of the insights of the discussion.
The Rising Tide of Online Scams
The numbers are staggering. The financial services sector reported $2.3 billion in scam-related losses in 2022, which ballooned to $4.5 billion in 2023. Similarly, crypto-related scams caused $3.9 billion in losses last year, according to IC3 and FBI reports. Scammers are targeting industries ranging from luxury apparel to financial services, leveraging technological advancements to expand their operations.
The methods are diverse and alarming:
- Impersonation scams: Influencers, employees, and even CEOs are being deepfaked or impersonated to mislead consumers.
- Fake businesses: Scammers create LLCs, websites, phone numbers, and even fake customer service channels to bolster their schemes.
- Counterfeit goods: From fashion to fitness gear, counterfeiters are damaging brands’ reputations and diverting revenues.
Alarmingly, these scams are no longer confined to big brands. Small businesses and startups with limited resources are increasingly being targeted due to the low barriers to creating fake digital storefronts and marketplace profiles.
The Double-Edged Sword of AI
Artificial intelligence has become a pivotal factor in the escalation of online scams. Tools that make it easier to generate realistic images, websites, and even deepfake videos are turbocharging scammers’ abilities. For instance:
- Deepfake scams: One panelist shared an incident where a fake CEO joined a Zoom call to facilitate a financial scheme.
- Counterfeit imagery: Scammers can now create convincing photos in the style of any brand, causing confusion among consumers.
However, AI can also serve as a defense mechanism. As Yoav Keren emphasized during the panel, “The only way to fight AI scams is to use AI.“ Digital risk protection platforms leverage AI to detect and mitigate threats, helping brands stay ahead of increasingly sophisticated scams.
Combating Scams: Strategies and Best Practices
So, how can businesses protect themselves? The panel outlined several critical steps:
- Education: Teach customers how to identify scams and clarify how your company will (and will not) contact them.
- Collaboration: Effective brand protection requires input from legal teams, cybersecurity professionals, social media managers, and external partners. As Keren emphasized, “Your BP work can never be completely outsourced. You know your brand better than anyone else.”
- Prioritization: Start with the most egregious scams—those using your name and logo—and then tackle more subtle threats like slight brand name variations.
- Reducing ROI for Scammers: By making scams less profitable through detection and takedowns, brands can deter future attempts.
Legislative and Platform Accountability
The panelists called for stronger legislation to address the growing threat of deepfakes and other AI-driven scams. They argued that platforms must take greater responsibility for the content hosted on their sites. If platforms fail to act after being notified of fraudulent activity, there should be legal penalties for their inaction.
Why Online Brand Protection is Essential
In today’s AI-driven era, online brand protection (OBP) is no longer optional—it’s a fundamental cost of doing business. Startups and smaller brands, often seen as easy targets, need OBP services as much as, if not more than, larger enterprises.
Investing in OBP can safeguard your reputation, prevent revenue loss, and protect your customers. As Marc Trachtenberg summed up, “Online Brand Protection is a cost of doing business in the AI era.” Vigilance, collaboration, and the adoption of advanced technologies are essential to staying ahead in this ongoing battle.
Conclusion: Taking Action Against Online Scams
The fight against online scams is more critical than ever. As AI has contributed to making scams more sophisticated, businesses must adapt by leveraging the very same technology to detect and mitigate threats. From deepfake impersonations to counterfeit goods, the risks are too significant to ignore.
Don’t wait until your brand is targeted—take proactive steps now. Explore how digital risk protection solutions can safeguard your reputation, revenue, and customers. Contact BrandShield today to learn how we can help you stay ahead of the threats and secure your brand’s future.
