What to expect in 2023, Crypto Scams or AI Fraud? McAfee predicts!

Crypto Scams or AI Fraud: McAfee shares its Cybersecurity threat predictions for 2023 

In this tech-driven world, cybersecurity has become a big concern. Crypto Scams or AI Fraud: what 2023 is going to bring for us? McAfee, a cybersecurity firm answers it. McAfee presented its cybersecurity predictions for 2023 where McAfee predicts the threat of disinformation campaigns powered by AI-generated images, videos, and voices. This cybersecurity firm also pointed out the threat of crypto scams as the popularity of Web3 fluctuates during a tumultuous time for the industry.

AI-powered disinformation

Crypto Scams or AI Fraud: The recent popularity of artificial intelligence-powered software that is able to produce imagery based on text prompts means creating AI-generated images, videos, and sometimes even voices that can be undertaken by a select few. Now, it has become easy for anyone with a digital device to use online software to generate desirable content. McAfee predicts that these tools will empower scammers, propagandists, and other cyber criminals who wish to influence public opinion. These AI-powered tools will also allow criminals to create counterfeit and manipulated images without the need for professional expertise.

Web3 Fraud to take advantage of FOMO

With the fallout surrounding the bankruptcy of crypto exchange FTX and the fall from the grace of its founder Sam Bankman-Fried, A lot of uncertainty appears in the Web3 industry. But cybersecurity predictions for 2023 by McAfee say that some amateur investors could still be lured into get-rich-quick crypto schemes, remembering the rapid rise of Bitcoin's value earlier this decade. Cybercriminals could take advantage of these gullible investors by pitching them frauds disguised as Web3 offerings. They can attract users to click a link or download an app that claims to interact with some blockchain but is actually designed to collect fiat currency and offer nothing in return. Users could also be targeted with aggressive adware that compromises their device's safety, and performance. The fear of missing out on monetary gain could make these scams increasingly attractive to users.

Besides these new threats, McAfee also predicts that older scams will be retargeted at users with new "hooks" or bait. Cryptocurrency scams that were widespread in 2022, for example, could be repackaged with deep fake videos of trusted personalities to make them seem legitimate to unsuspecting users. Predatory fake loan apps that offer users direct loans only to give them short repayment periods and high-interest rates could also continue to be common in 2023. Mass layoffs from the biggest tech companies across the world indicate that 2023 could be a difficult financial time for a lot of people, meaning that fake investment scams might also proliferate during the year.

With Facebook changing its name to Meta, the metaverse shot into the mainstream of public discourse. The word was so popular that it was one of the contenders for Oxford's word of the year in 2022. McAfee predicts that malicious actors would attempt to exploit the lack of understanding of the metaverse to scam people with phishing campaigns.