FraudGPT Tool Sold on Dark Web Amid Rising AI Risk Concerns

FraudGPT is a new AI fraud tool that helps carry out various malicious activities. Analysts have pointed to it as being a new type of risk as the technology continues to evolve.

Generative AI technology is now being used to create AI tools that are used for malicious purposes. A new tool called FraudGPT has been created specifically to aid in phishing attempts and other malicious activities.

Is FraudGPT the Start of a New Era of Digital Risks?

The software has the tagline of being a “bot without limitations, rules, boundaries,” which already speaks volumes about potential risks. The tool has been stirring discussion on the dark web forums, and the tool itself has been making the rounds on Telegram.

FraudGPT assists malicious entities in designing phishing emails, cracking tools, and even creating fake identities. It is being sold on a subscription basis, starting from $200 a month or $1,700 per year.

Netenrich explained how cybercriminals were using it to perpetrate cyber crimes, and the tool even writes code for scam pages. The vendor of the tool claims to be active on various dark web marketplaces and is all active on Telegram.

Developers built FraudGPT with malicious purposes in mind, making it not the first kind of AI tool. A few weeks ago, reports mentioned a tool called Worm GPT, which criminals use to launch cyber attacks purposefully.

WormGPT helps malicious attackers launch sophisticated phishing attacks, as well as engage in attacks that involve compromising business emails. EleutherAI developed the tool using the open-source GPT-J language model.

The risks have been significant enough that even Securities and Exchange Commission (SEC) Chair Gary Gensler has spoken about AI risks. He considers AI a transformative technology, though there are several issues that require addressing.

AI Discussions Remain Heated

Besides FraudGPT, there are other interesting AI developments that have drawn discussion. Some are more innocuous, though perhaps telling of the era technology is heading into.

A few days ago, social media platforms were abuzz when AI released a movie trailer created entirely by it. The “Genesis” trailer paints a dystopian future reminiscent of apocalyptic sci-fi movies of the past. The creators used Midjourney and Runway to create the trailer.

Others have pointed to less obvious concerns. A research paper has emerged discussing the cost of specific language use in language learning models. English is the cheapest language, while other languages are far more expensive to train with.

As such, there are worries that there may be a gap in AI usage and implementation between English speakers and those of other languages.