At Blackwood Bookkeeping, we work closely with business owners every day and one thing that’s becoming increasingly clear is this: AI-powered scams are getting smarter. Thanks to AI (artificial intelligence), fraudsters now have some seriously powerful tools at their fingertips. And that means small businesses, like yours, need to be more vigilant than ever.
We recently had a client go through a rough experience that brought this home in a big way.
A real-life example and a hard lesson
One of our clients sent an invoice and their client received what appeared to be a completely normal email from our client. The message advised them of new bank details and asked for payment to be made promptly.
They paid the invoice. Everything looked legit.
But they had been hacked. The money went to a scammer.
It was only discovered later when we followed up for payment as it appeared the invoice hadn’t been paid.
This wasn’t a typo or a dodgy-looking message full of spelling mistakes. This was a well-crafted, targeted scam – and it worked. The only giveaway was the email it came from wasn’t our client’s – but similar enough that they didn’t notice. That’s the power of AI in the wrong hands.
The rise of AI-powered scams
AI has changed the game for fraudsters. What used to take skill, time and effort can now be done with a few clicks – and it’s getting harder and harder to spot the difference between real and fake.
Here are just a few of the ways scammers are using AI:
Voice cloning: With just a short snippet of someone’s voice, scammers can create fake phone calls that sound eerily real. Imagine getting a call that sounds exactly like your boss, asking you to transfer funds. Spooky stuff.
Deepfake videos and fake documents: AI can now generate fake ID cards, financial documents, and even video content that looks convincing enough to fool most verification systems.
Phishing emails – but smarter: AI can write emails that are grammatically perfect, personalised, and almost impossible to tell apart from the real thing. Some even use chatbot tech to hold conversations in real time.
Synthetic identity fraud: This is where scammers blend real and fake info to create entirely new identities. These identities can be used to open accounts, access systems, or apply for credit in your business’s name.
So how do you protect yourself against AI-powered scams?
The good news is, while AI-powered scams are on the rise, there are practical things you can do to reduce your risk.
Use multi-factor authentication (MFA): Wherever possible – email, banking, accounting software – enable MFA. It adds an extra layer of protection even if a password gets compromised.
Slow down and double check: If you receive a payment request that feels urgent or out of the blue, stop and verify it using a different method – like calling the person on a number you already have (not the one in the email!).
Set clear internal processes: Don’t allow large transactions or sensitive changes to go through without a second set of eyes. Make sure there’s a review or approval process in place for anything that involves money or client data.
Train your team: Your team is your first line of defence. Talk to them about the latest scams, encourage healthy scepticism, and create a culture where it’s okay to question things that feel “off.”
Use the right tools: There are fraud-detection tools out there that use AI for good such as monitoring activity, detecting unusual patterns, and alerting you to potential issues before they escalate.
Awareness is your best defence
There’s no doubt about it – AI scams are clever. But they still rely on one thing: someone letting their guard down. Staying informed, slowing down, and putting simple checks in place can make all the difference.
At Blackwood Bookkeeping, we care deeply about keeping our clients financially safe and stress-free. If you’re not sure how secure your current systems are, or if you just want to sanity-check your payment processes, reach out. We’re always happy to help you protect what you’ve worked so hard to build.
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