Scammers who have been using social media advertisements, particularly on Meta platforms, to impersonate New Zealand celebrities, journalists, politicians, have now turned to impersonating financial commentators and business leaders by creating fake profiles.
These pages use deepfake videos to promote free investment advice WhatsApp groups and encourage victims to invest in fake online investment platforms.
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – has issued a warning and will continue to update its warnings as the scam develops.
FMA Executive Director Licensing and Conduct Supervision Clare Bolingford said: “It is concerning to see these impersonations featuring New Zealand journalists, politicians, actors, businesspeople and financial commentators.
Impersonating business leaders and commentators is a new feature of this type of scam, and they include deepfake videos that look realistic.
This latest version of the scam comes after previous FMA warnings issued about online impersonation of politicians and media identities that have surfaced in the last 18 months.
This latest surge of deepfake images and videos means that people should be very cautious of anyone on social media promoting investments.
“The impersonations of public figures in scams are not unique to New Zealand – they are carried out all over the world, tailored to each country cutting and pasting in the names and identities of local celebrities, journalists, politicians, business leaders and commentators. The names and faces keep changing, but the promise of investment platforms and easy money, resulting in New Zealanders being scammed out of their savings, remain the same,” said Clare Bolingford.
“The FMA is warning the public about this scam to help investors and consumers understand how the scam operates, make informed decisions and take steps to protect themselves.”
Our key advice to people who see investment ads on social media using the image of well-known people:
Scammers create a social media profile impersonating a business leader or notable figure.
They publish ads, often including deep fake videos, on social media platforms like Facebook and Instagram to lure in unsuspecting victims, she said.
In these ads, the scammers speak about the person’s successful investment history. The ads encourage viewers to join an investment advice WhatsApp group, said Clare Bolingford.
It’s here that an investment ‘mentor’ or ‘coach’ provides trading tips, or recommends buying certain shares. The mentor will recommend an investment platform and help their victims through the process of setting up an account. Sometimes the mentor will ask the victim to install software on their device, this is malware or remote access software which will give the scammers access to the victims personal and financial information.
After payments are made into a recommended online trading platform, victims try to withdraw their investments but are told to pay fees before money is paid out. Even if these fees are paid, no money is received.
• Stop all contact with the scammer and do not send any money.
• Contact your bank immediately. Ask if a transaction reversal is possible. If you sent money using another payment service provider, ask them to trace the funds.
• If you have downloaded remote access software on the instructions of the scammers, immediately contact an IT professional to have your device checked for malware. If you have accessed your bank account or other payment systems while the remote access software was operating on your device, report this to the relevant account providers.
• If you keep getting phone calls from scammers, report them to your telecommunications provider.
• If you are getting spam emails and text messages, report these to the Department of Internal Affairs.
• Tell a trusted relative or friend what has happened.
They may help you see the situation more clearly, help you deal with the scammers, and suggest what to do next.
• Contact Victim Support on 0800 842 846. They can provide free emotional and practical support and information.
• Visit the FMA’s warnings page and to report to us at questions@fma.govt.nz or on our website at www.fma.govt.nz
Article from FMA Media Release – August 2025
