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Jersey Police have revealed they are investigating an AI-generated scam advert – which uses a 'deep fake' version of trusted money saving expert Martin Lewis to falsely endorse investments – after islanders reported losing more than £300,000 in the past two weeks.
Officers have today issued a warning reminding islanders to be vigilant amid a spate of online scam adverts involving Martin Lewis, the founder of MoneySavingExpert.com.
The scam uses a hoax video featuring an AI-generated 'deep fake' version of Martin Lewis to endorse their investment platform.
The fake ads which are placed on Facebook and other social media sites encourage people to invest into cryptocurrency and other types of investments.
WATCH: The video uses a 'deep fake' of Martin Lewis to describe the investment as "legit".
Faith Shalamon, a Financial Investigator in the Joint Financial Crimes Unit, explained: "Martin Lewis is a respected journalist and broadcaster and would NEVER endorse products online. Any advert involving him will be false.
"The Martin Lewis fake adverts are all over the internet and are created by fraudsters looking to scam people out of money.
"The fake ads which are placed on Facebook and other social media sites are encouraging people to invest into cryptocurrency and other types of investments."
Deepfake technology is akin to a digital mask that can make one person look and sound like another in photos and videos. It's like an advanced form of digital impersonation, created using artificial intelligence (AI).
The AI studies a vast amount of images and videos of a person, learns to mimic their facial features, gestures, and voice, and then applies this learning to generate a convincingly realistic video or image of that person.
WATCH: ITV's 'Deep Fake Neighbour Wars' uses AI to create deep fake versions of popular celebrities.
This technology can be used for a range of purposes, from harmless fun to more serious concerns such as spreading misinformation or impersonating someone for malicious intent.
Consumer finance expert Mr Lewis described the use of 'deep fake' technology in these scams as "frightening" as he shared a warning on Twitter.
WARNING. THIS IS A SCAM BY CRIMINALS TRYING TO STEAL MONEY. PLS SHARE.
— Martin Lewis (@MartinSLewis) July 6, 2023
This is frightening, it's the first deep fake video scam I've seen with me in it. Govt & regulators must step up to stop big tech publishing such dangerous fakes. People'll lose money and it'll ruin lives. https://t.co/ZzaBELg1kg
Speaking to the BBC, Mr Lewis added: "These people are trying to pervert and destroy my reputation in order to steal money off vulnerable people, and frankly it is disgraceful, and people are going to lose money and people's mental health are going to be affected."
The victim will see an online advert which appears to show trusted finance expert Martin Lewis endorsing an investment
The victim will click on a link advertising bitcoin, and soon after will receive a call from someone purporting to a Forex broker
The caller will try to persuade the victim to make an initial minimum deposit onto an online trading platform. They will try in any conceivable way to make that happen and will offer deals that sound too good to be true like "we will double your initial deposit”, or other unrealistic investment returns.
After making the initial deposit, the scammers will then continue to illicit more and more money from the victim.
The online trading platform will usually be fake, and the groups running the operations will pay websites and services to improve their online reputation by placing fake reviews.
The scammer will gain trust by claiming to be from a well-known business or impersonating a known contact.
Promises of very high or guaranteed returns.
Heavy marketing and promotional of offers.
Unnamed, vague or even non-existent team members.
Pressure to act immediately.
Research the background of the company or website. If a business is legitimate, you'll be able to find information about it online. Any business operating above-the-board with an internet offer will also have a digital footprint. Do a general google search to get information about the company or website, including its location and reputation.
Potential investors must check that any broker they engage with is a REGULATED BROKER and are licenced to provide financial services. Unlicensed brokers are not supervised by government bodies therefore they are not trustworthy.
Pay close attention to reviews.
Before making any significant investment, obtain advise from a reputable financial advisor.
Take your time to decide about online transactions. Scammers will want you to make a decision quickly without thinking about it. They know that if you conduct a little research or reason through it, you'll conclude that the offer is a scam. They want to close the deal as quickly as possible.
If you believe that you may have been scammed, please report the matter as soon as possible.
Express previously spoke to investigator Faith Shalamon and Chief Inspector Chris Beechey, Chair of the Jersey Fraud Prevention Forum, about the various scams that have targeted islanders in recent years for the Bailiwick Podcast... Listen below or via your favourite podcast provider...
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