Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Anatomy of Rising Deepfake Scams in Crypto and Fintech
Cybersecurity | March 6, 2025
Image: Freepik
Lessons From $35M Phone Scam That Used AI, Crypto, and Fake Celebrity Ads
Gone are the days of obvious phishing email scams that are full of typos, conflicting domains and emails that don't match while urgently asking the victim to do something. Scammers these days are getting much smarter and using AI powered deepfake technology to impersonate and convince real people to invest in a fake scam while exploiting crypto to move money instantly. As reported in depth by the Guardian, this article uncovers lessons from looking at how fraudsters tricked 6,179 people out of $35 million including Canadians using AI generated voices and fake identifies.
Anatomy of This New Breed of Scam
A massive fraud network of 85 call center agents operating out of Tbilisi, Georgia used a mix of deepfakes, psychological manipulation, and untraceable crypto transactions to dupe over 6,000 victims, draining life savings in many cases. Take a look at this deepfake video of high profile broadcaster, writer and adventurer, Ben Fogle endorsing fake investment opportunities.
@MartinSLewis assuming this is a scam.. getting more convincing with the use of AI pic.twitter.com/spDIVWxVLU
— Daniel Handford (@t0uchscreenguru) July 6, 2023
Perpetrators in this $35 million call center scam, created fake trading platforms to show fictional profits, convincing victims they were making money. Eventually, after call agents aggressively pushed victims to invest more and more (pig butchering), victims who tried withdrawing funds were hit with bogus fees and taxes. Sadly, trust is built up with these call agents, and in some cases, victims even hand over remote access to their computers making it even easier for scammers to control their accounts.
See: How AI Is Evolving Finance, Security, and Global Economies
Nobody is immune to the scam given such sophisticated tactics, and victims ranged from retired seniors to financially savvy professionals looking for their next investment. These scammers in Georgia, ran a professional system that rewarded high performers with expensive Rolex watches and luxury parties, who used every sales tactic in the book to extract as much as they could from all victims.
Global Reach and Targeted Countries
This scam was global with British and Canadian individuals being targeted, representing almost a third of the total losses.
Advanced fraud techniques are on the rise. Authorized push payment (APP) fraud is where scammers use some form of social engineering and trickery to manipulate victims into authorizing payments. According to data from the Annual 2024 UK Finance Fraud Report, cases of authorized push payment fraud rose by 12% in 2023 with over 230,000 victims.
Deepfake fraud is surging globally. According to a report by the Global Initiative Against Transnational Organized Crime, the Asia-Pacific region experienced a 1,530% increase in deepfake cases between 2022 and 2023 - with the Philippines experiencing a 4500% increase in deepfake fraud. The United States a 3000% increase during the same period.
Following the Money
One of the biggest challenges in stopping these scams is tracing stolen funds. The Georgian fraud network channelled money through digital banks, which often lack the same level of fraud prevention as traditional institutions.
See: New Cyber Threats Financial Service Firms Need to Know
Some startling facts:
- Revolut was the most frequently used digital bank in this scam, linked to 154 victims.
- However Revolut reports that 60% of all reported scam cases originated from platforms Meta and Instagram
- Revolut blocked over $13.5 million in potential crypto fraud losses between June and September 2024 but it remains a favourite among scammers due to ease of account setup
- Other banks involved in the scam include Kroo and Chase, which were also used to transfer stolen funds before being laundered through multiple crypto wallets
Scammers were heard on leaked call recordings pressuring victims to open accounts at these digital banks to bypass fraud detection measures.
Why This Matters
This scam highlights that AI generated deception is getting more sophisticated and popular. Traditional security techniques like biometric voice recognition or video verification may not be enough. Further, crypto transactions aren't reversible, and once funds are sent, recover is very complex or near impossible as funds are quickly laundered through multiple wallets. Without stronger preventative AML/fraud measures, digital banks will remain a weak link in the battle against financial fraud.
How We Can Improve
The fintech industry, regulators, and consumers must become more aware and employ a multi-pronged approach towards combating fraud.
1. Combat AI fraud with AI fraud detection. A 2024 report by Association of Certified Fraud Examiners found that companies using AI actually reduced fraud by 50%. Banks and fintechs need to employ AI tools that can detect behavioural anomalies and deepfake scams early.
2. Elliptic reported that in 2023, $7 billion of crypto was laundered cross-chain. They predict that figure to increase to $10.5 billion by 2025. This means crypto platforms must implement stronger AML, fraud detection and transaction monitoring systems.
3. Interpol reports that cybercriminals are increasingly organized and agile, and they act across borders while spanning multiple jurisdictions, making it very challenging to investigate. There needs to be closer collaboration between regulators, law enforcement, and tech/fintech firms who can share information to improve early detection and response.
See: FSB’s Warnings of Hidden Stakes of AI in Finance
4. Collectively, more needs to be done to improve consumer and business awareness to recognize red flags or early warning signs before being scammed. A survey report by the Better Business Bureau involving 1,408 participants from the U.S. and Canada found that nearly half or 47% of those targeted by scams did not engage with the fraudster and thus avoided being scammed. Conversely, 30% engaged but did not lose money, while 23% engaged and eventually suffered financial losses. Financial literacy campaigns should educate on red flags like fake celebrity endorsements and urgent financial requests.
Conclusion
If deepfake scams can fool thousands today, imagine what they will be able to do tomorrow? Fintechs that take security seriously will gain consumer trust while those that ignore these rising cyberthreats risk losing credibility.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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