Protecting Your Money in the Age of AI

The days of typo-filled texts and emails have turned into phishing attempts written with flawless grammar, tailored to your job title. As artificial intelligence continues to evolve, it means every business and client needs to keep their guard up to fight these sophisticated fraudsters.

While AI has transformed many everyday tasks, it’s also changed how criminals operate. As AI tools become more powerful and accessible, the line between legitimate communication and fraud continues to blur. Financial security in this new landscape requires a fundamental shift in how we think about protecting our money and information.

The New Face of Financial Fraud

Traditional fraud detection relied on spotting obvious red flags: poor spelling, generic greetings, or suspicious links. AI has erased many of these tells for more sophisticated scams:

• Voice cloning scams: Criminals now use AI to replicate a person’s voice from just a few seconds of audio, often pulled from social media or voicemail greetings. These cloned voices have been used to impersonate executives authorizing wire transfers and even family members claiming to be in emergencies.
• Hyper-personalized phishing: AI can scrape publicly available data, such as social media activity and professional profiles, to craft phishing messages that reference real details about your life, job, or recent purchases.
• Automated account takeover attempts: AI-powered bots can test stolen credentials across thousands of accounts in minutes, identifying weak points in security far faster than a human ever could.

The danger lies in the erosion of trust in familiar communication. A call that sounds like your bank, a text that appears to come from a real contact, or an email referencing your actual account activity can all be fabricated with AI. Businesses face even higher stakes and often more sophisticated attacks. A single successful attack can result in significant financial loss and lasting reputational damage.

The common vulnerability lies in  the assumption that “I would know if something wasn’t right.” AI is specifically designed to challenge that assumption.

Practical Steps to Protect Your Financial Information

The good news is that while AI has changed the tools criminals use, the fundamentals of protecting yourself remain grounded in vigilance and verification.

1. Verify Through a Second Channel
If you receive an unexpected call, email, or message requesting money or sensitive information, don’t respond directly. Instead, contact the person or business through a separate, known channel. Call the bank using the number on your card, not the number provided in the message. Reach out to your colleague through a separate messaging platform, not by replying to the suspicious email.

2. Establish Verification Protocols for High-Risk Requests
Businesses should implement mandatory verification steps for any request involving fund transfers or changes to account information, especially requests that arrive via email or phone. This can include:

• Requiring dual approval for wire transfers above a certain threshold
• Using a pre-established code word for verbal confirmation of sensitive requests
• Mandating that requests for changes to payment details be confirmed via a callback to a verified number

3. Scrutinize Urgency and Emotional Pressure
AI-generated scams are often designed to create a sense of urgency that short-circuits careful thinking. Be cautious of any message that pressures you to act immediately, threatens consequences for delay, or discourages you from verifying the request independently. Legitimate financial institutions will never penalize you for taking time to confirm a transaction is safe.

4. Limit the Personal Information You Share Publicly
Because AI tools can scrape publicly available data to create convincing scams, reducing your digital footprint matters more than ever. Review privacy settings on social media accounts, limit the amount of personal and professional detail shared publicly, and be mindful that voice or video content posted online can potentially be used to train an AI tool.

Stay Secure Without Losing Trust in Technology

Protecting your money in this environment doesn’t require becoming a cybersecurity expert. It requires building a healthy habit of verification, maintaining awareness of evolving tactics, and knowing that a moment’s pause before acting on an urgent financial request can prevent significant loss.

If you have questions about securing your accounts or want to learn more about the tools available to protect your finances, learn more about online safety and fraud prevention by visiting the WSFS Security Center.

If you are a WSFS Bank Client and have concerns about your account’s security or suspect fraudulent activity, contact our team at 888.973.7226 7 a.m.-7 p.m. ET (Monday to Friday) or 9 a.m.-3 p.m. ET (on weekends). You can also visit any of our banking offices to talk with an Associate directly.