The European Supervisory Authorities have released two factsheets to help consumers identify, prevent, and respond to online frauds and scams, including those using artificial intelligence, with translations in all EU languages.
The three European Supervisory Authorities (EBA, EIOPA, and ESMA – ESAs) have published two factsheets aimed at helping consumers protect themselves from online frauds and scams, including those involving artificial intelligence (AI). The factsheets will be translated into all official EU languages and distributed by national authorities.
Frauds and scams have become more sophisticated with technologies like AI and blockchain, making deception more convincing and detection more difficult. Examples include AI-generated voices or videos impersonating individuals, leading to financial loss, identity theft, and emotional distress for consumers.
The factsheets offer practical tips to recognize and avoid various scams, such as phishing, impersonation, investment scams, and Ponzi schemes, with real-world examples. They also provide guidance on identifying warning signs and suspicious behaviors, messages, or offers.
Consumers are advised to take preventive steps, including never sharing personal or banking information, verifying the source of messages, and thinking carefully before acting on offers or requests.
These initiatives are part of the authorities’ mandate under Article 9(1)(b) of their founding regulations, which emphasizes promoting transparency, simplicity, and fairness in the market for consumer financial products and services across the internal market.
