Key Takeaways
- A sophisticated deepfake crypto scam targeted vulnerable investors using AI-generated footage of money-saving expert founder Martin Lewis.
- The 71-year-old man, suffering from early-stage dementia, lost £60,000 after the criminals gained remote access to popular messaging services on his mobile device.
- Fraudsters took out multiple loans in the pensioner’s name and drained his bank accounts under the guise of cryptocurrency investments.
Table of Contents
AI-Powered Deception Targets Vulnerable Investor
This time, a Welsh pensioner has lost £60,000 in a complex deepfake crypto scam that utilized artificially generated footage of financial personality Martin Lewis. Adrian Kearney, a 71-year-old great-grandfather from Swansea with early-stage dementia, was caught in a scam from a Facebook ad that promised significant returns from a £200 investment. The deepfake crypto scam included a convincing AI-generated video of Lewis, even though the money-saving expert and founder has repeatedly warned people that he does not promote this type of crypto investment.
Read also: Crypto Scammer Impersonates UK Police Officer, Steals $2.8M BTC in Sophisticated Cold Wallet Threat
Remote Access and Financial Destruction
The deepfake crypto scam evolved as the fraudster persuaded Kearney to install AnyDesk remote access software on his mobile phone. At this point, they had control of Kearney’s device. Despite informing the scammers about his debilitating arthritis and lung condition, they continued manipulating him, taking out multiple loans in his name of around £60,000. The funds were transferred from his Barclays and Monzo accounts to a Revolut account the fraudster persuaded him to open, then disappeared under the guise of crypto purchases.
Read also: Crypto Social Engineering Scam Costs Victim $91M in 783 Bitcoin Heist
Growing Threat of AI-Enabled Financial Fraud
This case exposes the dangerous evolution of deepfake crypto scam tactics targeting vulnerable people. Kearney is now stuck with more than £1,000 in monthly loan repayments to five different lenders. So far, he has obtained support from solicitors at the National Fraud Helpline in an effort to retrieve his funds.
Sadly, this case highlights how scammers are exploiting the advancements of AI technology in a way that creates what appear to be legitimate endorsements or referrals from trusted figures, raising immediate questions about how to protect the elderly and more vulnerable population, since this increasingly sophisticated, digitally-enabled financial fraud is becoming almost undetectable.
FAQs
How did the scammers gain access to this Welsh pensioner’s funds?
Scammers took control of the victim’s mobile device by using AnyDesk remote access software, then started applying for loans in his name and transferred the money to accounts they controlled, to later convert into crypto.
What made this scam particularly convincing?
The use of AI-generated deepfake video footage featuring Martin Lewis, a trusted financial personality, made the fraudulent investment offer appear legitimate.
What is being done to help the victim?
National Fraud Helpline solicitors are assisting in attempts to recover the funds from the banks, arguing they have regulatory duties to protect vulnerable customers.
For more crypto scam stories, read: Malaysian MPs Targeted in Coordinated AI Deepfake Extortion for Crypto
