???? A.I. Scams Evolve: Chameleon Tactics!

Hala,

Caught in a lull at the grocery store, a Maryland woman turned her slow day into payday, scratching off a cool $150,000!(1) ????? Maybe boredom isn't so bad after all—if it pays like this! ??????

amana’s Take:

• Large Bitcoin investors seem to be cutting transactions, causing prices to drop below $63,000; traders withdraw from derivatives exchanges.
• Spot Bitcoin ETFs experience consecutive outflows; Crypto Fear and Greed Index dropped to "Neutral" at 51, the lowest in 51 days.
• Analysts linked the decline to profit-taking after recent surges; $60,000 seen as a potential consolidation zone for long positions.

Stock Market Update

???? US stocks played seesaw on Friday, with the S&P 500 sliding 0.16% to 5,464.62 and the Nasdaq 100 dipping 0.26% to 19,700.43 as AI darling Nvidia pulled back for the second day. In contrast, the Dow added 0.04% to 39,150.33, thanks to a boost from McDonald's shares.(2) It's like the stock market was ordering off the value menu! ????

↗??? Meanwhile, UAE markets closed higher on broad-based gains. Abu Dhabi rose 0.7% to 9,013, and Dubai advanced 0.6% to 4,012.(3) ????

???? A.I. Scammers: the New Breed of Scammers?

In the UAE, scam calls and messages are often easily spotted, but in the U.S., A.I. is changing the game. Scammers harness A.I. to craft persuasive conversations and mimic personal identities, making them difficult to detect.(4) Some can even replicate your voice and identity, while others are impersonating senior executives demanding wire transfers. This trend could soon hit our shores, turning our common nuisances into more sinister digital chameleons. ????

???? Unveiling the Camouflage

• Annual Losses: According to the Federal Trade Commission (FTC), fraud losses in the U.S. soared to $10 billion in 2023, up from $9 billion in 2019, with scams becoming more sophisticated and widespread.
• Preferred Channels: Increasingly, scammers exploit social media ($14+ billion losses in 2023), leveraging these platforms to execute their deceptive plots more effectively than ever. Websites, apps and phone calls are a close second ($8+ billion losses).
• Most Common Scams: Investment-related scams and imposter schemes remain the most lucrative, fooling unsuspecting victims into parting with their money. ????

????? Top 5 Anti-Scam Tips?

In a world where scammers use A.I. to refine their deceit, staying vigilant is paramount. Here are the top five takeaways from the Wall Street Journal to bolster your defenses:

1. Verify Everything: Always double-check the source before sharing any personal or financial information. Scammers can now convincingly mimic legitimate requests. ??
2. Beware of Tailored Requests: Be sceptical of communications that seem overly personalized or ask for payments via social media or email. ??
3. Use Secure Payment Methods: Opt for credit cards when possible—they offer more protection against fraud. ??
4. Educate Yourself: Banks like JPMorgan Chase are ramping up efforts to educate customers about scams. Taking advantage of these resources can provide crucial knowledge. ??
5. Trust Your Instincts: If something feels off, it probably is. Take time to assess the situation and consult trusted sources if necessary. ?????

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Closer to Home?

• ?? The UAE's Central Bank pulled a plot twist, lowering inflation expectations to 2.3% from 2.5% due to lower-than-expected increases in commodity costs, incomes and rents.(5) Talk about deflating expectations! ??
• ?? Abu Dhabi Islamic Bank (ADIB) and DIFC's Innovation Hub are joining forces to enhance fintech adoption in the region, reflecting ADIB's dedication to embracing disruptive technologies and fostering an innovative culture.(6) How exciting! ??
• ???? Meanwhile, AI favorite Nvidia has struck a deal with Qatari telecoms giant Ooredoo to introduce its AI tech in data centers across five Middle Eastern nations, giving Ooredoo an edge over competitors in the region.(7) ??

What Else Is Trending

• ?? Facebook parent Meta Platforms has reportedly discussed integrating its generative AI model into Apple's new iPhone AI system, Apple Intelligence. And it looks like AI startups Anthropic and Perplexity are joining the AI party, too!(8) ??
• ??? Meanwhile, oil prices slipped on Friday but stayed up nearly 2.9% on the week as gasoline demand hit post-pandemic highs. WTI fell 0.69% to $80.73 per barrel, while Brent dipped 0.55% to $85.24.(9) ?
• ?? And lastly, gold prices fell on Friday due to a stronger dollar and increased bond yields. Spot gold shed 1.7% to $2,319.95 per ounce.(10) ?

?? Quote of the Day

“Somebody who tells you to pay by crypto, cash, gold, wire transfer or a payment app is likely a scam,” —?Lois Greisman, an associate director of the Federal Trade Commission.

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Sources:-(1) UPI.com, (2) (5) (6) Zawya, (3) (7) Reuters, (4) The Wall Street Journal, (8) Gulf News, (9) (10) CNBC