AI-generated deepfake profiles used in pump-and-dump fraud against Swedish investors
Fraudsters used AI-generated deepfake profiles on social media platforms to conduct pump-and-dump investment schemes that defrauded at least 5,000 Swedish small investors of approximately 500 million SEK in 2025. The fake profiles impersonated financial professionals, including misusing the identity of economist Gabriel Mellqvist, to lure victims into unprofitable investments.
What happened
Fraudsters used AI-generated fake financial profiles on social media to deceive Swedish small investors in pump-and-dump schemes. Economist Gabriel Mellqvist reported that his identity was exploited without consent in these fraudulent profiles.
Reported impact
According to Finansinspektionen, at least 5,000 Swedish small investors lost approximately 500 million SEK through these investment fraud schemes in 2025. Investors were lured into investments that resulted in significant financial losses.
Index analysis
The fraudulent profiles were created using AI-generated deepfakes to appear as legitimate financial advisors or investment professionals. The schemes operated on social media platforms including Facebook.
Governance controls
Gabriel Mellqvist expressed frustration that Meta, which owns Facebook, has not taken sufficient action to address or remove the fake profiles from its platform.
Classification
Sources and evidence
Sources not yet published
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