Banks across the region are raising the alarm over a concerning surge in high-tech investment fraud, specifically targeting the savings and retirement funds of elderly citizens. The latest data reveals that investment-related fraud has shot up dramatically in the three months leading up to October.
The new wave of deceit leverages Artificial Intelligence (AI) deepfake technology to create hyper-realistic videos and audio of trusted celebrities and public figures. These fake endorsements are then used to promote fraudulent investment and stock trading schemes, duping people out of thousands of euro.
Scammers are exploiting the relative trust and vulnerability of retirees, often presenting the ‘investment opportunity’ on social media platforms or through sophisticated, official-looking documents and WhatsApp groups. Experts advise the public, especially seniors, to be extremely cautious of any investment promises that sound too good to be true and to independently verify any celebrity endorsement through official, trusted sources. If you suspect you’ve been targeted or lost money, contact your bank and the police immediately.
