Crypto is in an 'arms race' against AI-based scams: Quantstamp co-founder
Richard Ma of Quanttamp explained that the coming upsurge in sophisticated AI phishing scams could pose an existential threat to crypto organizations.
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With the field of artificial intelligence evolving at breakneck speed, fraudsters now have access to tools that can help them execute highly sophisticated attacks en masse, warns the co-founder of security firm Web3 Quantstamp.
Speaking to Cointelegraph during Korea Blockchain Week, Quantstamp's Richard Ma explained that while social engineering attacks have been around for a while, AI is helping hackers become "much more convincing" and increase the success rate of their attacks.
To illustrate what the next generation of AI-based attacks look like, Ma recalled what happened to one of Quantstamp's customers, where an attacker posed as the CTO of the company. targeted company.
"He started messaging one of the other engineers in the company, saying 'hey, we've got this emergency, here's what's going on' and engaging them in many conversations before ask them anything," Ma said.
Apparently there is an increase in scams targeting specific people, rather than just playing a numbers game… Thanks to AI and ChatGPT, scammers can write code quickly, and new technologies mean it's more profitable for attackers until software is created to retaliate. The elderly are the targets
— MoistenedTart.blsky.social (@MoistenedTart) August 31, 2023Ma said these extra steps add a layer of complexity to the attacks, which makes the possibility of someone passing on important information much more likely.
“Before AI, [fraudsters] could just ask you for a gift card or pay them Bitcoin because it was an emergency. Now they take a lot more extra steps in the pre-conversation to establish legitimacy. »
Ultimately, Ma said the most existential threat introduced by sophisticated AI is the female...
Richard Ma of Quanttamp explained that the coming upsurge in sophisticated AI phishing scams could pose an existential threat to crypto organizations.
Interview
Join us on social networks
With the field of artificial intelligence evolving at breakneck speed, fraudsters now have access to tools that can help them execute highly sophisticated attacks en masse, warns the co-founder of security firm Web3 Quantstamp.
Speaking to Cointelegraph during Korea Blockchain Week, Quantstamp's Richard Ma explained that while social engineering attacks have been around for a while, AI is helping hackers become "much more convincing" and increase the success rate of their attacks.
To illustrate what the next generation of AI-based attacks look like, Ma recalled what happened to one of Quantstamp's customers, where an attacker posed as the CTO of the company. targeted company.
"He started messaging one of the other engineers in the company, saying 'hey, we've got this emergency, here's what's going on' and engaging them in many conversations before ask them anything," Ma said.
Apparently there is an increase in scams targeting specific people, rather than just playing a numbers game… Thanks to AI and ChatGPT, scammers can write code quickly, and new technologies mean it's more profitable for attackers until software is created to retaliate. The elderly are the targets
— MoistenedTart.blsky.social (@MoistenedTart) August 31, 2023Ma said these extra steps add a layer of complexity to the attacks, which makes the possibility of someone passing on important information much more likely.
“Before AI, [fraudsters] could just ask you for a gift card or pay them Bitcoin because it was an emergency. Now they take a lot more extra steps in the pre-conversation to establish legitimacy. »
Ultimately, Ma said the most existential threat introduced by sophisticated AI is the female...
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