Beware of New Online Investment Scams Using Deepfakes

In recent months, scammers have become increasingly sophisticated in the way they target New Zealanders. What started as fake social media ads impersonating celebrities, journalists, and politicians has now expanded to include business leaders and financial commentators.

These scams often appear on Meta platforms such as Facebook and Instagram, where fake profiles share deepfake videos promoting so-called “free investment advice” groups on WhatsApp. From there, unsuspecting people are encouraged to invest through fraudulent online platforms—ultimately losing their money.

What is a deepfake?

A deepfake is a digitally manipulated video or image created using artificial intelligence (AI) technology. It can make it appear as though someone is saying or doing something they never actually did. Deepfakes are becoming increasingly realistic and are now being misused by scammers to create convincing impersonations of public figures.

The FMA issues a warning

The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko has issued a warning, noting that scammers are constantly changing tactics to make their schemes appear convincing.
Clare Bolingford, FMA Executive Director of Licensing and Conduct Supervision, explains:

“Impersonating business leaders and commentators is a new feature of this type of scam, and they include deepfake videos that look realistic… The names and faces keep changing, but the promise of investment platforms and easy money, resulting in New Zealanders being scammed out of their savings, remain the same.”

The rise in deepfake images and videos means we all need to be extremely cautious about any investment promotions on social media.

How to protect yourself

• Be sceptical of “too good to be true” investments – guaranteed returns and quick profits are classic red flags.

• Check the source – if you see an investment ad featuring a well-known person, verify whether it’s legitimate by visiting their official website or trusted news outlets.

• Avoid WhatsApp groups or unsolicited links – these are common tools scammers use to lure people in.

• Use licensed advisers and platforms – check the FMA’s list of licensed providers before committing funds.

Our advice

At Bradley Nuttall, we have seen how devastating scams can be—both financially and emotionally. If you’re unsure about an investment opportunity, pause before acting and seek independent financial advice.  A short conversation could save you from significant losses.

For more information, visit the FMA’s scam warnings page.