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JACKSON, Mississippi – Artificial intelligence (AI) continues to emerge as the latest development in global technology. AI is still evolving, and its functions are increasingly similar to those of humans. Artificial intelligence in this technological age can be beneficial as long as it doesn’t fall into the wrong hands.
The threat of investment fraud is already on the rise in the United States. With the help of AI, it cannot be stopped without intervention. Fraudsters can easily use her AI to impersonate other people, such as investment advisors.
“As we continue to accelerate technology advancements and business growth, it is imperative that we remain vigilant in our use and interaction with AI. We are vulnerable to evolving threats,” Commissioner Michael Watson said.
Statistics show that Mississippi residents are frequently victims of fraud. The 2023 report revealed that Mississippi was her #1 state in receiving spam calls in 2023. On average, Americans receive about 6 spam calls per month. Most investment scammers start over the phone, often using AI-generated voices to pretend to be someone else.
Investment fraud has the dangerous potential to cause financial destruction. AI can provide fraudulent investors with fake videos, websites, and materials to appear legitimate. Mississippi law requires that investments and their proponents be registered. Mississippians should always review this information before investing their money.
This ubiquitous crime is punishable by law, so you should report it if you spot or suspect it. Sacrificing your personal safety for what looks like a good investment is never worth the risk.
What you can do to protect yourself:
- Don’t respond to suspicious messages from phone numbers or email addresses you don’t recognize.
- Don’t send money to an investment company without checking first. Your financial information could be immediately at risk.
- Be careful about approving certain investments. The “celebrity” behind these endorsements may also be a scam.
- Use reliable sources, such as the Secretary of State’s Office, to test the validity of questionable investments.
- Raise awareness about the growing threat of fraud in our state. Arm yourself with the knowledge to protect your family and friends from becoming victims.
If you have any questions or concerns, please contact the Securities Division at Security.CustomerService@sos.ms.gov or (601) 359-1334.
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