Investment scams use AI and social media to target savers

Investment scams are becoming increasingly sophisticated, utilizing social media success stories and AI-generated videos of famous individuals to deceive victims. These schemes often promise rapid, high returns on investments in cryptocurrencies, stocks, or raw materials to lure people looking for financial independence or pension growth.

Mindaugas Kutkaitis, head of fraud risk management at Luminor bank, warns that the easier and faster a profit appears, the higher the likelihood of a scam. Fraudsters often use professional-looking websites or apps that show fake growing balances to build trust. However, when victims attempt to withdraw funds, they are often met with demands for additional fees or a total loss of contact with the fraudulent consultants. A key red flag is the intense pressure applied to make immediate decisions.