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Understanding Artificial Intelligence (AI)

What is AI?

Artificial Intelligence (AI) is the ability of machines to perform tasks that typically require human intelligence. This includes things like understanding language, recognizing patterns, solving problems, and making decisions.

 

Encountering AI​

AI is seamlessly integrated into various aspects of our everyday lives. Whether it's in our health care experiences; usage of retirement and financial planning tools; social media interactions; internet browsing sessions; streamlining work processes; or customer service chatbots on websites and apps, AI plays a role in attempting to enhance our convenience and efficiency of getting information.  

You may wish to use some AI tools. When doing so, it's important to always verify the accuracy of the information you've been provided. Also, verify the source and remember to never share any confidential information.

Key TRS Reminders​

​TRS is your direct trusted source for receiving communications and information about your TRS retirement and health benefits.

Some fraudsters may use AI tools to target you with information that is important or of interest to you – like your TRS-related information, so it's important to know what to look for.

For example, fraudsters can use AI to craft messaging related to TRS retirement sessions or your benefits in an effort to confiscate your member information. Some may even fraudulently use AI to get you to release information or make changes to your TRS account whether it relates to applying for retirement; your banking information; refunding your account; health care decisions; or even updating your mailing address, phone number, email address, or beneficiary designation. 

Report the Situation

If you suspect you've run into a questionable situation or are unsure if information is legitimate, it's always best to end the interaction and visit the TRS website (www.trs.texas.gov) for available resources or contact TRS directly.

  • Important Reminders:

    • Do not give access to confidential information or pay money to allow someone to open a MyTRS account on your behalf.
    • TRS will never ask members to provide confidential information through social media or by email.
    • TRS will only initiate direct contact with members when returning a call back; resolving a request received through TRS social media channels; or resolving a request through a MyTRS secure message.*
    • TRS will only contact members from official TRS phone numbers and email addresses.
    • TRS will not reach out directly to request you attend an in-person or virtual retirement event. Schedules for sessions are listed on the Events Calendar, and RSVP can be completed via MyTRS or by calling TRS Member Services.
    • TRS provides the latest pension and health benefits news through a number of channels. Stay connected with TRS through our newsletters, social media channels, and online resources so you know the communications you receive about TRS are legitimate.

    *Read more: Beware of TRS Imposters

artificial intelligence security

Types of AI Scams

​Know how to spot a couple of the common types of AI-related scams. 
 

Deep fake scams use voice cloning to impersonate loved ones, law enforcement, etc. and are becoming more common among cyber criminals targeting retirees. After only a few seconds of recording, fraudsters can attain the ability to mimic voices.

These scams are very convincing and could possibly cause victims to take extreme measures, such as emptying their retirement or savings accounts. As AI advances, it will become harder to tell what's real from what's fake.

Know how to spot the difference. A few tips to help build peace of mind:

  • Bad actors are getting better at making their schemes look real, often pretending to be friends or family in trouble. Stay calm and think logically as they aim to stir up your emotions. No matter how urgent the plea, always independently verify the situation before agreeing to transfer money or securities out of your investment account, especially if they ask you to keep it a secret.
  • If you receive a call or other communication from someone claiming to be a family member in trouble, have a "safe word" that only you and your loved ones know to verify their identity.
  • Before responding to any communication claiming to be from a government or regulatory agency, verify its authenticity by contacting their office directly using the contact information on their website.
  • Do not give personal information to strangers.
  • Do not send money to unidentified addresses.
  • Always exercise general caution.      ​

Federal and state securities laws generally require securities firms, professionals, exchanges, and other investment platforms to be registered.

Be cautious of unregistered and unlicensed promoters, especially those making unrealistic claims about AI trading systems like, “Our proprietary AI trading system can't lose!" or “Use AI to pick guaranteed stock winners!" These scammers often use the popularity of AI to run fraudulent investment schemes.  

Always investigate before investing any money. And beware of claims—even from registered firms and professionals—that AI can guarantee amazing investment returns.

Factors to watch for: Investment claims that sound too good to be true usually are. Fraudsters often use convincing strategies to make their scams seem real. Promises of high returns with little or no risk are clear signs of fraud.

For more information, see https://www.sec.gov/page/investor-section-landing.

Takeaway

Similar to where the Internet was two or three decades ago, AI is still evolving. While we can expect rapid evolution and adoption, it's difficult to predict AI's impact.

Remember: These capabilities do exist and when using AI, be very careful what information you enter and share.