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Ads on Instagram—including deepfake videos—are impersonating trusted financial institutions like Bank of Montreal (BMO) and EQ Bank (Equitable Bank) in order to scam people, according to BleepingComputer.
There are some variations in how the scammers approach this. Some use Artificial Intelligence (AI) to create deepfake videos aimed at gathering personal information, while others link to typosquatted domains that not just look the same but also have very similar domain names as the impersonated bank.
BleepingComputer shows an example of an advertisement, which claims to be from “Eq Marketing” and closely mimics EQ Bank’s branding and color scheme, while promising a rather optimistic interest yield of “4.5%”.
In this example, using the “Yes, continue with my account” button presents the user with a fraudulent “EQ Bank” login screen, prompting the visitor to provide their banking credentials. From there, it’s likely the scammers will empty the bank account and move on to their next victim.
Another fraudulent ad impersonates BMO bank’s Chief Investment Strategist and leader of the Investment Strategy Group Brian Belski. This may lead people to believe they are getting valuable financial advice, for example by luring them to a “private WhatsApp investment group”.
Impersonations of bank employees and authorities are increasing and can often sound very convincing. These scammers demand immediate payment or action to avoid further impacts, which can dupe individuals into inadvertently sending money to a fraudulent account.
It’s not just Instagram where WhatsApp investment groups are used as a lure by scammers. On X we see invites like these several times a week.
As cyberthreats and financial scams become more sophisticated, it is increasingly difficult for individuals to determine if a request coming via social media, email, text, phone call or even video call is authentic.
By staying alert and proactive, you can outsmart even the most convincing deepfake scams. Remember, a healthy dose of skepticism is your best companion in the digital age.
We don’t just report on threats – we help protect your social media
Cybersecurity risks should never spread beyond a headline. Protect your social media accounts by using Malwarebytes Identity Theft Protection.
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Pieter Arntz 
Malware Intelligence Researcher
Was a Microsoft MVP in consumer security for 12 years running. Can speak four languages. Smells of rich mahogany and leather-bound books.
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