Deepfake scam uses David McWilliams image to defraud Irish investors
Scammers used AI-generated deepfake videos and images falsely portraying economist David McWilliams to defraud Irish investors into financial schemes. At least one pensioner lost €15,000, with McWilliams reporting multiple victims contacted him about similar fraud.
What happened
Fraudulent advertisements appeared on Facebook, Instagram and YouTube falsely portraying economist David McWilliams as endorsing financial investments without his knowledge or approval.
The scam evolved to use AI-generated deepfake videos showing McWilliams revealing 'secrets' of the wealthy with broadcaster Tommy Tiernan before being 'bundled out of the studio', accompanied by fabricated newspaper stories claiming he was assaulted after sharing investment strategies. Fake images showed him with a black eye or being detained by gardaí.
Reported impact
A pensioner invested €15,000 after seeing the fraudulent content claiming McWilliams' endorsement, with scammers subsequently attempting to extract additional money under the guise of taxes and expenses. McWilliams said he received contact from multiple distressed people who had handed over money to such schemes.
Index analysis
McWilliams believed his image was used because he is known as an economic adviser and credible voice on online safety. The use of deepfakes added a layer of trust and emotional manipulation to encourage investment, while fake newspaper representations increased perceived legitimacy.
Governance controls
McWilliams called on social media companies to accept responsibility for fraudulent advertisements and to filter them from their platforms, noting that billions are being spent on AI.
Classification
Sources and evidence
Sources not yet published
This record was researched and written by the Index from original reporting. Its sources are still being verified by an editor, and they are listed here once that check is complete. Until then the record carries no reviewer.