A MAN has lost £250k after falling victim to a sophisticated investment scam after watching an AI-generated video.
The fraud began after the victim saw the video online which appeared to feature a well-known personality from the financial sector.
The advertisement promoted an investment opportunity and claimed significant returns, which the man, who lives in the Ards and North Down area of Northern Ireland, signed up for.
After initially investing a relatively small amount, he was contacted through WhatsApp and encouraged to make further payments.
The scammers went on to persuade the man to create multiple online accounts and obtained remote access to a computer by offering to assist him with the investment.
As the scam continued he was enoucraged to borrow money to continue investing in the scheme.
The funds were then transferred to bank accounts controlled by the scammers.
“This was a sophisticated and substantial fraud in which criminals gradually gained the victim's trust before encouraging increasingly significant payments,” the PSNI’s Inspector Youle said.
“Fraudsters can create extremely convincing advertisements, websites and communications,” he added.
“The use of artificial intelligence means that videos, voices and apparent endorsements from recognisable people can also be fabricated.
“An online advertisement or apparent celebrity endorsement should never be regarded as proof that an investment is genuine.”
The police force has urged members of the public to be “particularly cautious” if you are contacted through messaging services and encouraged to transfer money, open additional accounts, borrow to invest or allow somebody remote access to your computer.
“Never allow yourself to be rushed into making a financial decision,” they add. “Independently verify who you are dealing with and, where appropriate, check that a firm or individual offering financial services is authorised by the Financial Conduct Authority.
“If you are concerned about an investment involving a family member or friend, have that conversation with them. A timely conversation or independent check could prevent further loses.”
Superintendent Joanne Gibson, chair of the Scamwise Partnership, said: "Taking a moment to stop and check any financial activity can make a real difference.
“The Police Service of Northern Ireland will use every available resource to protect individuals and communities from the harm caused by fraud and exploitation, but I would also ask family members to take the time to have a conversation with their family members about fraud in order to try and safeguard them against criminals,” she added.
“We know that this type of crime can have a far-reaching impact, but we can all work together to protect and prevent this from happening to those we care about.
“Fraudsters can be extremely convincing and use a variety of scenarios to make people believe them to be genuine. They are master manipulators.”
Superintendent Gibson continued: “If you are concerned by the intent of a person involved with someone you care about, you can report to police on the non-emergency number 101. We will listen and we will act. Any abuse of that trust will be treated with the utmost seriousness.”
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