On March 14, the FBI warned that AI-powered deepfakes are increasing fraud risks, particularly during tax season. Scammers use deepfake videos and voice synthesis to impersonate officials, making scams harder to detect. In 2024, a fake video conference resulted in a HKD 200 million loss at Arup. Over 17,000 complaints were filed in 2024, with losses exceeding USD 400 million. Experts urge caution regarding urgent payment requests and suspicious links. As capital gains tax reporting rises, liquidity and crypto markets face new risks from AI-driven fraud.

ChainThink reports that, on March 14, FBI data showed a rise in government impersonation scams as AI technology becomes more widespread. Scammers can use deepfake videos, voice synthesis, and generative AI to impersonate government officials or corporate executives, making scams more convincing.

Reports indicate that attackers can generate realistic digital clones using publicly available audio and video materials, and leverage AI to automatically produce highly personalized scam messages. In 2024, a scam involving AI-forged video conferencing led employees at Arup’s Hong Kong office to believe fraudulent instructions and transfer approximately HK$200 million (about $25 million) to a scam account.

During the U.S. tax season, scammers frequently impersonate the Internal Revenue Service or other government agencies to create urgent payment demands. The FBI’s Internet Crime Complaint Center recorded over 17,000 complaints related to government impersonation scams in 2024, with losses exceeding $400 million.

Security experts advise the public to be cautious of messages demanding immediate payment, verify sources through official channels, and avoid clicking on links in suspicious emails or text messages.

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