Investing in the deepfake era - know what you’re up against

It used to be easier to spot a scam. A dodgy email address, poor spelling, a far-fetched promise of riches from a stranger across the globe. But those days are gone.

Investment scams aren’t just on the rise - they’re evolving at a pace that makes them harder to detect and even harder to resist.

According to UK Finance’s 2024 Annual Fraud Report Action Fraud, criminals stole £1.17 billion through fraud in 2023. This includes unauthorised fraud, where the victim is oblivious, and authorised fraud, where they have been deceived into parting with money. Investment scams constitute a significant and growing portion of these losses¹.

FT Adviser highlights that more than £649 million was lost to investment fraud in 2024, with individuals aged 55-64 suffering the greatest financial losses².

While it’s clearly a problem of volume - it’s also a problem of incredible sophistication.

Enter Deepfake - the future of fraud is here

So, what’s the latest tool at the scammer’s disposal? Deepfake technology. Previously reserved to produce big-budget films, it’s now being used to impersonate trusted public figures, financial professionals, and even former fund managers…for ill-gotten gains.

Only recently, our former colleague and highly respected investor Anthony Bolton was the subject of such an attack. It involved a deepfake video of him which was circulated on social media, featuring a disturbingly realistic imitation of him inviting viewers to join a WhatsApp group for daily stock tips. It was entirely fake - but extremely convincing. So much so that many viewers believed it.

This isn’t an isolated case. Financial figures like former Goldman Sachs executive Abby Joseph Cohen and NYU professor Scott Galloway have also had their likenesses hijacked for investment scams. These aren't amateur forgeries. They use AI-generated voices, professionally edited video, and often hijack legitimate branding and logos to build trust.

Financial campaigner Martin Lewis, founder of MoneySavingExpert, has lobbied social media platforms to act after he was used repeatedly in deepfakes. In one case from 2023, reported by the BBC, a kitchen fitter from Brighton lost £76,000.  Martin's voice was manipulated to fake a TV interview from his house, endorsing an investment scheme from Elon Musk³.

Social media platforms have begun trialling facial recognition technology. However, consumers seemingly must remain on constant guard. The question is, if it looks real, sounds real, and feels real… how can we know it’s not?

Even the savviest investor can fall for a scam

Fraud no longer preys solely on the uninformed. It targets confidence, speed, and even sophistication. Scammers have become adept at mimicking financial jargon, manipulating psychological triggers like FOMO (fear of missing out), and applying pressure through false urgency or exclusivity. The lines between legitimate opportunities and traps are increasingly blurred. But that doesn’t mean scams are impossible to spot, you just need to be extra vigilant. And we’re here to help.

• How to spot an investment scam
• Learn more about clone firm investment scams

What you can do to protect yourself

Knowledge really is your first and strongest line of defence. There's lots of information in our special section about online security here.  In the meantime, here’s some top tips to protect your security and identity.

• Be sceptical of unsolicited investment opportunities, no matter how credible they appear. If it sounds too good to be true, it probably is.
• Fidelity will never cold call you, guarantee returns or direct you to join a WhatsApp group.
• Always check contact details through official channels - not through links in emails, messages or adverts.
• Avoid urgency. Scammers rely on rushed decisions - take your time and ask questions.

What we’re doing to protect you

We take fraud seriously. And have dedicated teams committed to your online safety. If you ever see something that doesn’t feel right - especially something that appears to come from us, but you suspect it isn’t - don’t act in the moment.  Please call our Customer Services team on 0800 359 7712. You’ll find lots more useful information in the links below.

• Staying Secure - learn how to keep safe online
• Here are some other useful contacts if you think you've been a victim of fraud

If you’ve got a burning question you want to ask, why not drop us a line. Click here to ask us your question.

Sources:

¹ UK Finance - 2024 annual fraud report
² FT Adviser - May 12 2025
³ Scams: 'I was duped by Martin Lewis deepfake advert' - BBC News

Important information - investors should note that the views expressed may no longer be current and may have already been acted upon. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.