QNB Egypt has warned of the risks of fraud using artificial intelligence (AI) technologies, which can be exploited to mimic people's voices and impersonate them in order to trick customers into transferring money or disclosing their personal and banking details.

The warnings matter all the more given the rapid advance of AI technologies, which can make it hard to tell a real voice from a cloned one. That calls for caution and for verifying a caller's identity before responding to any financial request or sharing sensitive information.

How can you protect yourself from AI-powered fraud?

To avoid falling victim to scams that rely on voice cloning and impersonation, follow these steps:

  • Don't rely on the voice alone: Don't assume the caller is someone you know just because their voice sounds familiar, since AI can be used to imitate voices.

  • Verify the caller's identity: Contact the person on a phone number you already know or through a trusted channel to confirm their identity before responding to their request.

  • Check before transferring money: Don't rush into making any transfer in response to a call or message urgently asking you to send money.

  • Keep your banking details confidential: Don't share your personal data, banking information or one-time verification codes with anyone whose identity you have not confirmed.

  • Be wary of sudden requests: Treat any unusual request to transfer money or share data with caution, even if it appears to come from a family member or someone you know.

Banky's view

As AI technologies keep advancing, protecting personal and banking data demands greater awareness and caution, especially now that these technologies can be used to clone voices and impersonate people.

Verifying a caller's identity before transferring money or sharing data remains one of the most important steps in limiting the risk of financial fraud, along with not responding to sudden requests until you have confirmed they are genuine. Together, these habits strengthen digital security and protect customers' money.