Deepfake Scams Target Kiwi Investors on Facebook, WhatsApp

Deepfake Scams Target Kiwi Investors on Facebook

WELLINGTON, August 20, 2025 – The Financial Markets Authority (FMA) has issued a warning over a growing wave of Facebook deepfake investment scams in New Zealand, where artificial intelligence is being used to impersonate trusted local finance experts and lure users into fraud schemes.

AI Videos Mimic Trusted Financial Voices

The scams involve AI-generated deepfake videos of well-known commentators and advisors, including prominent journalists, economists, and television hosts. These fabricated clips present the impersonated figures endorsing investment opportunities and encouraging viewers to join exclusive WhatsApp investment groups for trading advice.

Once inside the groups, victims encounter what appears to be an active community of successful investors. However, most “members” are fake accounts operated by the fraudsters. Participants are eventually introduced to so-called investment “mentors” who offer personalized guidance, before directing them to fraudulent platforms that demand payments in cryptocurrency.

WhatsApp Used to Amplify Fraud

The warning comes as WhatsApp recently removed nearly 7 million fake accounts, many tied to global investment fraud rings. These groups often request victims to install malicious software, granting scammers remote access to personal and financial data.

When victims attempt to withdraw funds, they are told to pay additional fees. Even after doing so, they never recover their money — a tactic regulators describe as an “evolution” of older WhatsApp-based scams.

Local and Regional Impact

The FMA emphasized that the danger lies in the believability of these scams, given the impersonation of widely respected financial experts such as radio host Mike Hosking and fund manager Carmel Fisher.

While exact losses in New Zealand remain unclear, neighboring Australia saw complaints rise by 30% in early 2025, with total losses tripling compared to a year earlier.

FMAs Advice to Investors

Regulators are urging New Zealanders to remain alert and skeptical of unsolicited online investment opportunities. Key advisory points include:

• Be cautious of advertisements linking to WhatsApp groups.
• Verify financial advice through licensed professionals.
• Report fake investment content to Facebook, the Department of Internal Affairs, or directly to the FMA.
• Seek support from Victim Support New Zealand for emotional and practical assistance if targeted.

Growing Risk Across Social Platforms

The FMA has previously noted that Facebook, WhatsApp, and Telegram are among the riskiest platforms for encountering financial scams. The addition of deepfake technology makes detection harder and further erodes public trust.

“Scammers are becoming increasingly sophisticated, combining AI with social engineering,” the FMA said. “We urge investors to exercise extra caution, no matter how convincing a message or video may appear.”