Beware of Impersonations: How Scammers are Using AI and Fake Domains to Steal Your Money

A growing number of scammers are using sophisticated tactics to impersonate trusted financial institutions on social media, including deepfake videos and typosquatted domains. According to recent reports, these scammers are targeting unsuspecting victims on platforms like Instagram, X, and WhatsApp, with some variations in their approach.

Some scammers are using Artificial Intelligence (AI) to create deepfake videos that mimic the branding and color scheme of legitimate banks, such as EQ Bank and Bank of Montreal (BMO). These videos often promise unusually high interest yields or valuable financial advice, luring victims into providing their banking credentials. In one example, a scammer created an ad that closely mimicked EQ Bank’s branding, promising a 4.5% interest yield. When a user clicked on the “Yes, continue with my account” button, they were presented with a fraudulent login screen, prompting them to provide their banking information.

Another variation of this scam involves impersonating bank employees or authorities, such as BMO’s Chief Investment Strategist Brian Belski. These scammers may create a sense of urgency, demanding immediate payment or action to avoid further consequences. In some cases, they may even lure victims into joining private WhatsApp investment groups or sharing sensitive information.

These scammers are becoming increasingly sophisticated, making it difficult for individuals to determine whether a request is authentic or not. However, by staying alert and proactive, individuals can outsmart even the most convincing deepfake scams. A healthy dose of skepticism is essential in the digital age, and it’s crucial to be cautious when receiving requests via social media, email, text, phone call, or video call.

To stay safe, it’s recommended to use Malwarebytes Identity Theft Protection to protect your social media accounts. Additionally, being aware of the following red flags can help you avoid falling victim to these scams:

Be cautious of unsolicited messages or requests, especially those that create a sense of urgency or promise unusually high returns.

Verify the authenticity of the message or request by contacting the institution directly through a trusted channel.

Be wary of requests that ask for sensitive information, such as banking credentials or personal identification numbers.

Use strong passwords and two-factor authentication to secure your social media accounts.

Regularly monitor your bank statements and credit reports for any suspicious activity.

By being vigilant and taking proactive measures, you can protect yourself from these sophisticated scams and keep your financial information secure.