New Report Fraud data reveals that, between January and August 2026, criminals stole £24.3 million through fake investment schemes where artificial intelligence (AI), including deepfakes, was used to make a fraudulent offer more believable.

During this period, Report Fraud received more than 1,300 reports of AI enabled investment fraud, with people aged 60 or over accounting for nearly 80 per cent (1,033) of reports.

As Report Fraud relies on information provided by victims, each report of this type was reviewed to verify whether AI, including deepfake technology, was used to assist with the offence.

Commander Ollie Shaw at the City of London Police, said:

"The tactics criminals are deploying to commit investment fraud are becoming ever more sophisticated. Increasingly, we are seeing various forms of AI, including deepfakes, being used to make fraudulent investment schemes appear legitimate, and ultimately more enticing to potential victims.

"Anyone considering making an investment should take their time and conduct thorough research. This includes using the FCA’s Firm Checker to establish if a company is authorised to provide investment services”.

Highlighted in this year’s Report Fraud Annual Assessment, AI is being used to generate deepfakes for online adverts or fake news articles showing “endorsements” from well-known public figures or trusted financial institutions. In reality, these are fraudulent.

Reporting insights from this new data indicate that victims were persuaded to provide their personal details after clicking on the fake endorsement, before being contacted by criminals posing as investment advisers or account managers.

After making an initial payment, victims are shown supposed profits through a professional-looking trading platform and then convinced to invest larger sums. When victims try to withdraw their money, fraudsters often claim further payments are needed in fees or charges, leading to even more money being stolen.

Fraud criminals will always try to make an investment opportunity look as legitimate as possible, often claiming the scheme is linked to emerging technologies, government-backed initiatives, or exclusive opportunities.

How can you prevent yourself from becoming a victim?

  • Investment opportunities: Don’t be rushed into making an investment. Remember, legitimate organisations will never pressure you into investing on the spot.
  • FCA Firm Checker: Use the Financial Conduct Authority’s (FCA) Firm Checker to check if the company is authorised by the FCA. If you deal with a firm (or individual) that isn’t authorised, you may not be covered by the Financial Ombudsman Service (FOS) if things go wrong and you lose your money.
  • You can access the Firm Checker here: https://www.fca.org.uk/consumers/fca-firm-checker
  • Seek advice first: Before making significant financial decisions, speak with trusted friends or family members, or seek professional independent advice.
  • For more information about how to invest safely, please visit: https://www.fca.org.uk/scamsmart

If you believe you are a victim of fraud, you should tell Report Fraud online or by calling 0300 123 2040. If you live in Scotland, contact Police Scotland on 101.

You can read the Report Fraud Annual Assessment here: Report Fraud Annual Assessment

Tags