The evolution of online scams: From Nigerian princes to multi-actor deepfakes | Can you get the money back?

In this episode of The Data Chronicles, Scott Loughlin discusses the evolution of fraudulent email schemes with Byron Phillips and Lauren Berkebile. Starting from the basic Nigerian prince scams, the discussion evolves into modern, sophisticated phishing campaigns, fraudulent bank transfers, and romance cons, costing billions annually. Lauren details current techniques, including AI-generated audio and video for impersonation, and the use of AI for victim research and natural-sounding language in scams. Byron emphasizes the shift towards targeting upper-level employees with elaborate fake transactions, highlighting the difficulty in identifying deepfakes. The panel explores recovery strategies for victims, stressing the importance of speed, involving law enforcement, and leveraging bank relationships. They also touch on the possibility of settlements with fraudsters and the need for companies to foster a culture where employees feel comfortable reporting suspicions.