Warning after victim loses £250,000 in AI investment scam in Northern Ireland

According to the PSNI, the fraud began after the victim saw what appeared to be an AI-generated video online featuring a well-known personality from the financial sector.

The advertisement promoted an investment opportunity and claimed significant returns.

After initially investing a relatively small amount, the victim was contacted through WhatsApp and encouraged to make further payments.

The fraudsters subsequently persuaded the victim to create multiple online accounts and obtained remote access to a computer under the guise of assisting with the investment.

As the fraud progressed, the victim was encouraged to borrow money to continue investing. Funds were transferred to accounts controlled by the criminals.

The fraudsters also persuaded the victim that further payments were required before money supposedly held in the investment could be released.

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

“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.

“An online advertisement or apparent celebrity endorsement should never be regarded as proof that an investment is genuine.

“Please be particularly cautious if you are contacted through messaging services and encouraged to transfer money, open additional accounts, borrow to invest, allow somebody remote access to your computer or make further payments in order to release an investment.

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

"Independently verify who you are dealing with and, where appropriate, check that a firm or individual offering financial services is authorised by the Financial Conduct Authority.

“If you are concerned about an investment involving a family member or friend, have that conversation with them.

"A timely conversation or independent check could prevent further loses.”

Superintendent Joanne Gibson, chair of the Scamwise Partnership, said: "Taking a moment to stop and check any financial activity can make a real difference. “The Police Service of Northern Ireland will use every available resource to protect individuals and communities from the harm caused by fraud and exploitation, but I would also ask family members to take the time to have a conversation with their family members about fraud in order to try and safeguard them against criminals. “We know that this type of crime can have a far-reaching impact, but we can all work together to protect and prevent this from happening to those we care about. “Fraudsters can be extremely convincing and use a variety of scenarios to make people believe them to be genuine. They are master manipulators.” Superintendent Gibson added: “If you are concerned by the intent of a person involved with someone you care about, you can report to police on the non-emergency number 101. We will listen and we will act. Any abuse of that trust will be treated with the utmost seriousness.”

Always remember – Stop. Think Fraud. By following these simple rules, you could avoid becoming a victim of this type of crime:

Stop – Before you transfer money or disclose any personal details to anyone you do not know. Do not feel rushed or pressured by timelines – genuine callers will always give you time to consider your options.

Think Fraud – Check and verify who you are communicating with using a trusted source. Take time to verify callers on another phone line where possible and check images via an image search. If you are in any doubt do not transfer any money or goods.

If you have been a victim of fraud, report it to police online at www.psni.police.uk/makeareport or call us on 101. Also report it to Report Fraud via their website https://www.reportfraud.police.uk/ or by phoning 0300 123 2040. You should also report any suspected fraudulent financial activity to your bank at the first opportunity, to allow them to take action.

Suspected fraudulent texts can be sent to 7726.

For further advice and information visit www.nidirect.gov.uk/scamwiseni.