AI investment scam defrauds Northern Ireland victim of £250,000

A person in Northern Ireland lost £250,000 after falling victim to an investment fraud that used artificial intelligence to create a convincing online video featuring an apparent endorsement from a well-known financial figure.

The County Down victim initially invested a relatively modest amount after seeing the video, which promised “significant” returns. The fraudsters then moved the conversation to WhatsApp and encouraged the person to invest more. They persuaded the victim to create several online accounts and obtained remote access to the computer while claiming to provide investment assistance.

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This was a sophisticated and substantial fraud in which criminals gradually gained the victim's trust before encouraging increasingly significant payments.

The victim was also encouraged to borrow additional money and put it into the scheme. The funds were transferred to accounts controlled by the criminals. Police described the case as a “sophisticated and substantial fraud” in which the offenders gradually gained the victim's trust before seeking increasingly large payments.

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Fraudsters can create extremely convincing advertisements, websites and communications. The use of artificial intelligence means that videos, voices and apparent endorsements from recognisable people can also be fabricated.

A police spokesperson warned that artificial intelligence can help criminals fabricate convincing advertisements, websites, voices, videos and apparent endorsements from recognisable people. An online advert or celebrity endorsement, the spokesperson said, should never be treated as proof that an investment is genuine.

Police urged people to be especially cautious if contacted through messaging services and asked to transfer money, open extra accounts, borrow to invest, allow remote computer access or make further payments to release an investment. They advised potential investors to avoid being rushed, verify independently who they are dealing with and check, where appropriate, whether a financial firm or individual is authorised by the Financial Conduct Authority.

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Never allow yourself to be rushed into making a financial decision.

Superintendent Joanne Gibson, chair of the Scamwise Partnership, said stopping to check financial activity could make a significant difference. She also called on family members to discuss fraud with relatives, saying a timely conversation or independent check could prevent further losses.

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Taking a moment to stop and check any financial activity can make a real difference.