THE CENTRAL BANK of Ireland has issued a warning about the increase of “increasingly sophisticated” scams using artificial intelligence (AI) deepfakes of famous people.

A deepfake is when AI is used to generate videos or images of well known people without their consent.

The bank said scammers are using the technology to create realistic social media ads and profiles impersonating public or business figures.

The profiles and ads promote investment platforms or encourage consumers to join online ‘trading mentorship’ groups for advice. Consumers are coached through the process of setting up accounts on fake investment platforms and transferring funds.

In some instances, they’re also encouraged to install software on their devices, giving scammers access to even more sensitive personal information.

An AI deepfake showing a breaking news segment of Catherine Connolly withdrawing from the Presidential election was widely shared during the campaign.

The video was fake but looked realistic as the images and audio created by artificial intelligence were trained off images of real people.

Impersonating famous people is a common scam tactic. Last December Daniel O’Donnell warned fans to be wary of Facebook frauds after a nun was scammed by an account pretending to be him.

Deputy Governor of Consumer and Investor Protection Colm Kincaid said: “Across society we see increasingly sophisticated scams, principally on social media and other digital channels.”

As well as an increase in deepfakes, the Central Bank said scammers are also setting up fake comparison websites which look and feel like popular websites which help consumers find the best deal on financial services or products.

Instead, they are a front to collect personal information which is used to contact consumers to offer them a fake product or service.

It said fraud recovery schemes are also a popular method which sees scam artists contact victims of fraud with promises of recovering lost funds for an upfront fee.

“These are designed to exploit victims’ desperation and lead to even more financial loss,” it said.

The bank has launched a campaign to help consumers avoid online scams and is advising consumers to:

• Only use well-known, reputable comparison sites and independently verify any products or offers,
• Examine ads and profiles closely, check the source of ads, and review and query any investment opportunities or platforms they come across before submitting any personal information or transferring money,
• Ignore cold calls, texts, emails or social media messages from anyone claiming to help you recover lost money,
• Never pay fees for recovering lost funds and be cautious about sharing personal information,
• Take the SAFE test: Stop, think and ask yourself about what you’re being offered, then assess the information you’re presented with and check the firm and product are legitimate, Factcheck and make sure the information is from a trusted source, and if its not, expose and report scammers to the Central Bank of Ireland or An Garda Síochána.

Find more information on how to avoid scams at https://www.centralbank.ie/scams