Scammers used AI-generated deepfake videos and fake social media advertisements impersonating financial experts like David Rosenberg and Brian Belski to lure investors into fraudulent WhatsApp investment groups, resulting in collective losses exceeding $1 million.
In March 2024, scammers began posting fake investment advertisements on Facebook and Instagram impersonating David Rosenberg, founder and CEO of Rosenberg Research, and other financial experts. The scammers used AI-generated deepfake videos showing these experts promoting investment opportunities with promised returns of 30% to 70%. Victims were directed to WhatsApp groups with names like '(03) Rosenberg Investment Strategy' where fake administrators impersonating the experts recommended specific stock investments. The scam operated by initially showing victims profitable trades to build trust, then recommending disastrous investments that caused massive losses within minutes. Specific victims included Syed Hasan who lost $16,000, one female victim who lost $500,000 in a week, and another victim who lost $450,000 in savings. The total reported losses exceeded $1 million. Similar scams targeted other financial experts including BMO's Brian Belski and Financial Times commentator Martin Wolf, with Meta's Ad Library showing one deepfake ad reached nearly one million users in the EU alone. Despite reports to Meta and police, the fraudulent ads continued circulating for months before gaining public attention.
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