Martin Lewis is one of the most trusted faces in the UK with millions of people acting on his financial tips and advice.

So, when a video of him appears on social media promoting an investment scheme, people could naturally assume that the opportunity is legitimate. Except, it isn’t.

Scammers had produced a ‘deepfake video’ of the Money Saving Expert, something which Martin claimed ‘sickened’ him.

In today's evolving digital landscape, developments in Artificial Intelligence (AI) have the potential to revolutionise many aspects of our lives, including the way we handle our finances.

However, whilst technology has delivered numerous benefits, it has also introduced new risks in managing money.

Understanding the modern methods scammers are adopting is essential in maintaining the security of your finances. We outline some of the latest developments.

Deepfakes

One concerning trend is the rise of deepfakes. This is when large datasets of images, videos and audio are used to reproduce the voice and appearance of individuals, including celebrities.

As highlighted, fraudsters recently used a deepfake video of Martin Lewis to trick people into a false investment scheme.

Voice cloning

AI has enabled voice cloning, which allows scammers to imitate the tone and language of specific individuals. This method is used to impersonate organisations or even someone known to the victim.

For instance, scammers may create a distressing voice note imitating a loved one, requesting money urgently. Voice cloning can be highly convincing and emotionally manipulative, leading victims to fall for the scam.

ChatGPT phishing emails

Another area where AI is being exploited for fraudulent activities is phishing emails.

Phishing is a common method used by cyber criminals to trick individuals into revealing sensitive information, such as bank details or personal data. Many people are aware of this scamming method, with 92% of savers advising that they actively avoid suspicious emails, links, and attachments.

However, AI-powered tools like ChatGPT have made it even harder to identify phishing emails, as they can now produce more convincing and sophisticated messages by correcting misspellings and clumsy grammar that used to be tell-tale signs of a fraudulent email.

Verification fraud

Verification fraud is yet another concern developing from AI advancements. When setting up accounts with digital banks or other secure platforms, additional security measures like biometrics and video verification are often required.

However, AI-generated fake videos and images can be used to create realistic-looking individuals who do not actually exist. When combined with stolen bank details and personal information, these false verifications can lead to unauthorised access to bank accounts and fraudulent money transfers.

Although AI scams are increasingly sophisticated, there are still signs you can look out for:

Pay attention to the face in videos

Look for inconsistencies in the appearance of individuals, such as overly smooth or wrinkled skin, or noticeable changes in age throughout the video. Also, observe if the features on their face move naturally and check if their mouth is in sync with their speech. Excessive or minimal blinking can also be a red flag.

Spot errors in the surroundings

Pay close attention to reflections, shadows and inconsistent lighting in the video as these may reveal signs of manipulation.

Trust your common sense

If a celebrity or someone known to you is promoting something that contradicts their previous statements, like Martin Lewis endorsing an investment scheme, be cautious and question the legitimacy of the content.

While AI technology offers many benefits, it also poses threats, particularly in financial fraud. Being aware of the indicators of deepfakes and AI scams can help you stay vigilant and protect yourself from falling victim to these malicious practices.

Remember – Paragon will never ask for your full login details over the phone or email!

It’s important to us that we keep your money and data safe when banking with us, and many of the features we have in place add a layer of security for you.

Your nominated bank account means we will only ever accept or move your money to your nominated bank account.

When you’re logged in you will be logged out after a period of inactivity to protect your account in case you’ve forgotten to log out.

Your original username is randomly generated, so it can’t be easily guessed by anyone. You have the ability to change this to something more personal and memorable to you.

We never ask for your full login details over the phone or email, if you’re ever contacted by Paragon asking for these details please do not give any information and call us to report it. Our Security and staying safe online webpage has more details.

If you believe you’re a victim of AI financial fraud you can contact Action Fraud by following this link.