AI is making cyber criminals dangerous with tools like FraudGPT; here's what it is and how you should stay safe

During the annual event of World Economic Forum at Davos, leaders in the field of cybersecurity spoke about the ongoing challenges faced by law enforcement agencies.  Secretary General of INTERPOL, Jürgen Stock highlighted the ongoing challenges due to expansive new technologies like AI and deepfakes. 

Stock claimed that global law enforcement agencies are facing a crisis due to the increased volume of the cybercrime. He claims that even if law enforcement spreads awareness about fraud, more and more cases of fraud come to light. 

Stock said, “Global law enforcement is struggling with the sheer volume of cyber-related crime. Fraud is entering a new dimension with all the devices the internet provides. Crime only knows one direction, up. The more we are raising the awareness, the more cases you discover. Most cases have an international dimension.” 

During the discussion, the panel also talked about technology like Fraud GPT, which is malicious version of popular AI chatbot ChatGPT. Stock claimed that cybercriminals are organising themselves on the basis of expertise through an underground network. He also said that these bad actors also have a rating system that lets them provide their service with more reliability. 
 
What is FraudGPT?
FraudGPT is an AI chatbot that leverages the capabilities of generative models to produce realistic and coherent text. It operates by generating content based on user prompts, enabling hackers to craft convincing messages that can trick individuals into taking actions they normally wouldn’t.

How Does FraudGPT Work?
FraudGPT, like other AI-powered chatbots, is a language model trained on vast amounts of text data, allowing it to generate human-like responses to input queries. Cybercriminals exploit this technology to create deceptive content for various malicious purposes:

1. Phishing Scams: FraudGPT can generate authentic-looking phishing emails, text messages, or websites that trick users into revealing sensitive information, such as login credentials, financial details, or personal data.
2. Social Engineering: The chatbot can imitate human conversation to build trust with unsuspecting users, leading them to unknowingly divulge sensitive information or perform harmful actions.
3. Malware Distribution: FraudGPT can create deceptive messages luring users to click on malicious links or download harmful attachments, leading to malware infections on their devices.
4. Fraudulent Activities: The AI-powered chatbot can help hackers create fraudulent documents, invoices, or payment requests, leading individuals and businesses to fall victim to financial scams.

The Risks of AI in Cybersecurity
While AI has been enhancing cybersecurity tools for years, it has also posed a risk to cybersecurity. Brute force, denial of service (DoS), and social engineering attacks are just some examples of threats utilising AI. Stock claimed that even people without a lot of technological know-how can carry DDoS attacks and with AI, the scope of cyberattacks is just expanding.  The risks of artificial intelligence to cybersecurity are expected to increase rapidly with AI tools becoming cheaper and more accessible.


How to Stay Safe from FraudGPT?
As the popularity of AI chatbots continues to grow, it is essential to take necessary precautions to safeguard against fraudulent activities. Proactive measures and vigilance are paramount. By staying informed and implementing robust cybersecurity practices, individuals and businesses can fortify their defenses against these emerging dangers, ensuring a safer digital environment for all.