Fake investments and ‘get rich quick’ schemes have been scamming people out of their money for years; however, with AI these scams have become far more convincing.
Facebook, TikTok and Instagram: how social media is a playground for scammers
We’ve seen a huge increase in AI created content on social media. AI photos and videos are cheap and easy to produce, and they can also increase engagement; particularly from users who don’t know (or don’t care) that the content is AI generated. And the videos are, unfortunately, getting better and better; as demonstrated by this video of rabbits on a trampoline that went viral last month.
Although there are sometimes indicators that a social media post has been created with AI, distinguishing real videos from fake videos has never been more difficult. Before the widespread use of artificial intelligence, discerning a legitimate post from a scam was far easier. Now, scammers have more tools than ever at their disposal.
By using social media platforms like Facebook, Instagram and TikTok, scammers also have a captive audience. Someone scrolling through their social media on their phone is unlikely to be focused on finding the fake post in their feed. And for those who are repeatedly liking, commenting or otherwise engaging with AI generated content online, the algorithm just keeps sending them more.
Why investments are the new Nigerian prince scam
Scams which offer an investment opportunity can feel much more enticing and convincing than the kind of phishing attempts that we saw 10 or 20 years ago. An AI investment scam is likely to feature a recognisable celebrity, talking about how fantastic the investment opportunity is. There might be likes and comments from users claiming that they have earned hundreds or thousands after signing up.
Unlike the Nigerian price scam, where someone contacted you directly claiming that they wanted to give you millions of pounds, this scam feels more believable. It used well-known people to sell the idea to you, and in a cost of living crisis, having additional ways to generate income sounds very appealing.
No matter the pitch, it’s still a scammer behind the screen
Whilst all AI investment scams differ, after you’ve clicked a link in a post like these, you’re likely to be prompted to provide personally identifiable information, and make a payment. Once you’ve done this, the scammer has your name, bank details and a payment from you. They might tell you to make another payment, tell you that your account is in credit and you need to pay a little more to make a withdrawal, or just take your money and run. Whatever happens next, your money (and your information) will be gone.
An endorsement from a celebrity is incredibly easy to fake, as is creating an advert on social media. The AI investment scam is just like any other scam; if you send money, or give your bank details to someone online, you are not going to get your money back, and you’re likely to lose far more than you wanted to invest.
If you’re looking to get into investing, speak to a financial advisor. They can give you accurate advice about how and where to invest your money, and give you the best chances at a good return on your investment.
