AI-Generated Clone of Exante Brokerage Used to Defraud U.S. Investor
Scammers allegedly used generative AI tools including ChatGPT to create a fake Exante brokerage website and AI-generated passport images to open a JPMorgan Chase account. At least one U.S. victim lost funds by transferring money through the fraudulent account, and JPMorgan Chase stated it was investigating.
What happened
Scammers used generative AI tools to create a clone of Exante, a brokerage firm, and used AI-generated fake passport images to open a JPMorgan Chase bank account in the United States using a US address. The fake Exante website replicated the real platform's trading board interface and targeted U.S. clients, though the real Exante does not offer services in that country.
At least one victim transferred funds to the scammers through the fraudulent JPMorgan Chase account. The scammers also registered the victim on the real Exante platform after receiving deposits.
Reported impact
A victim in the United States lost funds by transferring money to the scammers through the fraudulent account.
Index analysis
Exante's Head of Compliance stated that scammers used AI tools to quickly copy and create the fake platform, describing it as 'a speed game' for the fraudsters to target as many victims as possible before being shut down. The scammers replicated the trading board and website interface with sufficient sophistication that AI assistance was necessary.
Governance controls
Exante did not report the incident to JPMorgan Chase as Exante does not have a presence in the US and does not bank with JPMorgan. JPMorgan Chase stated it was looking into the incident when contacted by media.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.