With advancements in AI occurring at breakneck speed, Web3 security firm co-founder Richard Ma says individuals and organizations in crypto need to be on high alert for a new wave of sophisticated AI-powered scams.
With the field of artificial intelligence evolving at near breakneck speed, scammers now have access to tools that can help them execute highly sophisticated attacks en masse, warns the co-founder of Web3 security firm Quantstamp., Quantstamp's Richard Ma explained that while social engineering attacks have been around for some time, AI is helping hackers become “a lot more convincing” and increase the success rate of their attacks.
“He began messaging one of the other engineers in the company, saying ‘hey, we have this emergency, here's what's going on’ and engaging them in a bunch of conversations before asking them for anything,” said Ma. “Before AI, [scammers] might just ask you for a gift card or to pay them Bitcoin because it's an emergency. Now they do a lot more extra steps in the conversation beforehand to establish legitimacy."
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