Fake AI Investment Platform Uses Deepfake Video of Bank of Cyprus CEO
Scammers created a fraudulent AI investment platform using Bank of Cyprus branding, promoting it through a deepfake video purporting to show the bank's CEO endorsing guaranteed €15,000 monthly returns. The bank denied involvement and warned the public to avoid the scheme.
What happened
A fraudulent AI investment platform was marketed online under the name 'Bank of Cyprus Trading AI Platform', promising users €15,000 monthly returns with minimal €250 deposits. The scam featured a deepfake video bearing the BBC logo, purporting to show Bank of Cyprus CEO Panicos Nicolaou endorsing the platform and claiming 30,000 Cypriots were already earning €15,000 per month. The promotional material also included fabricated images of the CEO posting about the platform on Twitter and photos allegedly taken at bank branches suggesting a 'phenomenal buzz' around the launch.
The Bank of Cyprus categorically denied any involvement with the platform and stated these claims are entirely false. The bank confirmed it is aware of the fake video and advertisements and has issued statements addressing the matter.
Reported impact
The scam was actively promoted online with misleading advertisements featuring the deepfake video. Bank of Cyprus has been actively warning customers about fraudsters increasingly using deepfake visuals and advanced technology to create convincing scams impersonating the bank.
Index analysis
The incident involved the creation and distribution of a deepfake video featuring a bank executive without consent or authority, combined with fabricated social media posts and photographs to create a fraudulent investment scheme. The scam exploited the reputation and branding of a major financial institution to deceive potential victims.
Governance controls
Bank of Cyprus stated it is working proactively to prevent and address such matters and has invested heavily in protecting against potential breaches. The bank is urging the public to remain vigilant and follow essential safety practices, advising customers to only use official channels.
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.