AI-Generated Video Ads Impersonating Bank of Montreal Strategist Brian Belski in Investment Scam
Fraudulent Instagram and Facebook ads used AI-generated deepfake videos to impersonate Bank of Montreal chief investment strategist Brian Belski, directing users to fake investment groups that promised stock tips but resulted in pump-and-dump schemes. Similar scams impersonating other finance experts and banks circulated on social media platforms, with Meta allegedly slow to remove the content despite reports.
What happened
Bogus Instagram and Facebook ads under the account name 'BMO Belski' featured AI-generated videos purporting to show Brian Belski, chief investment strategist at Bank of Montreal, turning his head from side to side and promising to 'share three stock picks and the latest market insights every day' to lure users to WhatsApp investment groups.
Similar fraudulent ads impersonated Bank of Montreal and EQ Bank using official branding or deepfakes of finance experts. Users answering screening questions were directed to phishing websites or contact collection forms. In parallel scams, victims were lured to WhatsApp groups recommending stocks that swung dramatically in price, creating the illusion of quick profits, then plummeted once investors contributed more capital.
Reported impact
Economist David Rosenberg reported that several investors incurred collective losses exceeding $1 million to a scam using his identity. In Canada, net losses from investment scams where the initial contact was on social media rose 95 per cent since 2021, reaching $128.4 million in the most recent year.
Index analysis
The ads remained in circulation for months after being reported to Meta Platforms Inc. and police. Data from Meta's Ad Library showed that a deepfake ad of Financial Times commentator Martin Wolf reached nearly one million users by the end of April in the EU alone, with roughly 960,000 reached after the Financial Times first notified Meta of the deepfakes.
Governance controls
Meta spokesperson Julia Perreira stated that the content of such ads violated the company's policies and that it removes scam ads when detected. However, Mr. Rosenberg and his firm reported the scam to both Meta and police but eventually went public after the ads continued to circulate for months.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.