Malicious actors used AI-generated deepfake videos and fraudulent Instagram ads impersonating Canadian financial institutions like BMO and EQ Bank to conduct phishing scams and investment fraud, targeting consumers with fake banking credentials collection and WhatsApp investment groups.
Fraudulent Instagram advertisements impersonating Canadian financial institutions including Bank of Montreal (BMO) and EQ Bank (Equitable Bank) were used to target consumers with phishing scams and investment fraud. The scams employed AI-generated deepfake videos of BMO Chief Investment Strategist Brian Belski to lure victims into fake WhatsApp investment groups. Other ads closely mimicked official bank branding and directed users to counterfeit phishing websites like RBCpromos1.cfd that attempted to collect banking credentials. The fraudulent ads were run from Facebook pages that had no Instagram presence, with some pages being repurposed from previous identities. One prominent case involved David Rosenberg, where victims reported collective losses exceeding $1 million to pump-and-dump stock schemes. According to the Canadian Anti-Fraud Centre, net losses from investment scams where initial contact was on social media have risen 95% since 2021, reaching $128.4 million in Canada last year. The ads continued to appear for days even after being reported to Instagram, and Meta eventually implemented facial recognition technology to detect deepfakes of public figures like Martin Wolf, whose fake ads reached nearly one million users in the EU.
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