Blockchain security firms are warning of a possible rise of advanced artificial intelligence (AI) crypto scams in 2024. This could be a huge problem for traditional financial exchanges, as AI technology has become increasingly sophisticated and can bypass existing security measures. The potential risks of crypto scams are something that can’t be overstated. Crypto scams can make victims lose hundreds of thousands of dollars in a flash, and the global losses could easily be in the billions. The advancement in AI technology has already enabled criminals to create “deep fake” videos and audio recordings to dupe unsuspecting victims into transferring their funds into a malicious entity. As AI continues to improve, it could be used to target exchanges and wallets with automated attacks and pivot points that take advantage of weak links in processes, which means it is essential to maintain a strong cyber-security program in the coming years.
