Deepfake videos used in investment scams targeting New Zealand investors
Fraudsters created AI-generated deepfake videos impersonating prominent New Zealand financial figures on social media to lure investors into fake WhatsApp investment groups and cryptocurrency scams, resulting in financial losses for victims. The Financial Markets Authority has warned the public about the scheme.
What happened
Fraudsters used AI-generated deepfake videos on Facebook and Instagram to impersonate prominent New Zealand financial figures including Carmel Fisher, Frances Cook, Mike Hosking, Gareth Morgan, and Simon Tong. The fake videos promoted exclusive WhatsApp investment advisory groups, claiming to offer free trading advice and investment guidance.
Victims who joined the WhatsApp groups encountered what appeared to be a community of successful investors, but most group members were fake accounts controlled by scammers. An investment 'mentor' or 'coach' would provide personalized trading recommendations before directing victims to fraudulent investment platforms and requesting payments in cryptocurrency.
Reported impact
The scams resulted in New Zealanders being defrauded of their savings through fake online investment platforms. WhatsApp recently removed nearly 7 million fake accounts, many of which were being used to defraud users.
Index analysis
The scam exploits trust in well-known local financial and media personalities by using realistic AI-generated deepfake videos to impersonate them. The operation is sophisticated, combining video forgery with coordinated fake social media accounts and controlled messaging groups to build false credibility before financial fraud occurs.
Governance controls
The Financial Markets Authority issued a warning about the scams and indicated it would continue updating its warnings as the scam develops. The FMA noted this represents a surge of deepfake images and videos and advised the public to be cautious of anyone on social media promoting investments.
Classification
Sources and evidence
Sources not yet published
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