Fraudsters used AI tools including ChatGPT to create fake passports, deepfake content, and sophisticated website clones to conduct large-scale financial scams, including one case where they opened a real JPMorgan Chase bank account and defrauded victims through a cloned Exante brokerage platform.
Scammers have increasingly used generative AI tools, including ChatGPT's image generation capabilities, to create sophisticated financial fraud schemes. In one documented case, fraudsters created a convincing clone of Exante, a brokerage firm that does not offer services in the United States, and used it to scam at least one victim. The scammers managed to open a real JPMorgan Chase bank account using a US address and also opened crypto wallets to collect money from victims. According to Natalia Taft, Exante's Head of Compliance, the fraudsters used AI tools to quickly copy and create the fake platform interface, including replicating Exante's trading board. The victim transferred funds to the scammers via the JPMorgan Chase account. After receiving deposits, the scammers even registered the victim on the real Exante platform. Multiple regulatory agencies including the CFTC, SEC, NASAA, FINRA, and FBI have issued warnings about AI-enabled fraud. The CFTC noted that AI is making it easier for fraudsters to create convincing scams using fake images, voices, videos, and websites. Other documented cases include a Georgian operation that took $35.3 million from over 6,000 people and an Israeli/European operation that took at least $247 million from nearly 27,000 victims. Spanish police also arrested six people for a scam that stole over $20 million from at least 208 victims using deepfake ads.
Domain classification, causal taxonomy, severity scores, and national security assessments were LLM-classified and may contain errors.
Using AI systems to gain a personal advantage over others such as through cheating, fraud, scams, blackmail or targeted manipulation of beliefs or behavior. Examples include AI-facilitated plagiarism for research or education, impersonating a trusted or fake individual for illegitimate financial benefit, or creating humiliating or sexual imagery.
Human
Due to a decision or action made by humans
Intentional
Due to an expected outcome from pursuing a goal
Post-deployment
Occurring after the AI model has been trained and deployed