Fraud and AI - what you need to know
3 minute read
Fraud and AI – what you need to know
3 minute read
Fraud and AI – what you need to know
3 minute read
Technology moves fast. But so do fraudsters.
Criminals are always looking for new ways to steal money. And lots of them are now turning to Artificial Intelligence (AI) to do this.
While AI can be helpful, it can also let computers do tasks that used to need human thinking. It can be used to trick you in ways that feel very real.
At Coventry Building Society, we want to help you keep your money safe. Fraud can happen to anyone, but some people are more at risk. Understanding how AI is changing fraud is the first step to staying protected.
Let's take a look at how AI is changing fraud
AI can be used to create new content. Things like realistic emails, voice recordings and videos. When these are made, they can seem very convincing. Here are a couple of ways it’s being used:
- Voice cloning – AI can copy someone’s voice from a short recording. This makes it easy to pretend to be someone you know. For example, claiming to be a friend or family member in trouble and ask that you send them money urgently. This example is commonly known as the ‘WhatsApp scam.’
- Deepfake videos – AI can make realistic videos of celebrities to trick people. These might appear on social media or in ads. Some criminals even use live deepfake videos on video calls.
- Fake emails and texts – AI can create messages that look like they come from your bank, a service provider or someone you know. They may use correct logos and personal details, making it hard to spot that they’re not real.
Why are people over 50 at risk from financial loss?
We can all fall victim to fraudsters. But there's a few reasons why criminals may target people over 50:
- They have savings that have been built over time – Some people in this age group have different pots of savings, pensions, investments, or bigger funds.
- They trust in familiar brands – If a message came from a shop, you love and use all the time, you might not question it. Criminals use this and try to make their messages look as real as they can.
- They might be less tech-savvy – Some people may not know much about AI tools, deepfakes or phishing scams. This can make it easier to fall victim to a trap set by a scammer.
Losing money can be a big shock, especially before retirement. And it’s important to note, even those of us with good digital skills can be fooled into a scam that looks real. AI makes it harder to spot something that might be fake.
So, what do you need to watch out for?
If you're after calm, you'll also find tourist spots and hotels attract fewer guests at this time of year. This is likely because the kids are back at school, so there's often less families around. Popular places to visit that are usually full during the summer become blisfully quiet. That means:
- Smaller crowds while exploring cities
- No long queues at museums
- It's easier to book tables at the must-visit places to eat.
No matter your dream destination. Wandering through the cobbled streets of a European city. Trekking through a national park. Or maybe you just want to chill out on a beach in the Med? Sometimes a bit of time out and peace is just what you need.
If something looks or sounds too good to be true or doesn’t make sense, it’s likely that it is. Here are five things you could watch for:
- Calls or messages you didn’t expect – Asking for money or your personal details, hang up or don’t reply. You could always block the number too.
- Pressure to act quickly – A lot of the time, criminals make their scams sound urgent. It could be a limited-time deal or they might tell you something will go wrong if you don’t pay now.
- Strange payment requests – Banks or police will never ask you to move money to a ‘safe account.’ They’ll also never ask you to share sensitive details over email or phone.
- Suspicious links or attachments – Don’t click links or download files that you are not expecting or don’t trust. And if you’re not sure, best to err on the side of caution.
- Odd behaviour from people you know – If a friend or family member’s message seems strange, take the time to check before you act. Contact them in another way to make sure it’s really them.
Keep your savings safe
At Coventry Building Society, we’ll never ask for your PIN, password or security details. We may ask for characters from your password or Grid Card. And we’ll never send you an email to ask you to enter your details.
We have tech and systems in place to make sure you’re always protected. This includes:
- Making sure we can verify you when you get in touch with us
- Confirmation of payee when you set up payment details
- Real-time account monitoring to help spot unusual activity
- Keeping you up to date with the latest scams and advice on how to spot them.
We also work with regulators, the police and other banks to help stop scammers.
Stay alert, stay safe
AI has made fraud more advanced. But being careful can protect your money. Know the signs, check unexpected requests and pause before you send money to anyone.
We’ve got lots of information on our website about online scams and common fraud. Take some time to have a read or download our fraud guide for more details. And if you’d like to talk to us, we’re always happy to help. Call us on the number at the top of this page or pop into a branch.
By staying alert and informed, we can beat the criminals together.
Published November 2025
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