How the Scam Operates
The groups were primarily praying for individuals seeking to make additional income. Using well-known figures in the UK, such as financial expert Martin Lewis, adventurer Ben Fogle, or popular DJ Zoe Ball, they would render their image using deepfake and promote them through paid ads to reach more and more people.
Scammers would promote cryptocurrency trading platforms and other investment tools as legitimate. In fact, these websites were fabricated sites where people would deposit money, and the funds would be funneled directly to the scammers’s accounts.
As the Guardian investigation revealed, the entire network was more sophisticated than simple ads on Facebook. It involved a net of call centers with over 85 agents which were known as skimmers. Using ad data, they would target vulnerable groups, including pensioners, employees, or small businesses, and persuade them to invest in the platforms.
The Leak That Exposed the Scam
The scam came to light through a leak of call center data shared with Swedish public broadcaster SVT, which partnered with the Organized Crime and Corruption Reporting Project (OCCRP). The leak showed over 1 million call recordings and provided detailed insights into how scammers tricked their victims.
Other data sets have shown that from the total number of calls registered, over 45% of them were made to UK numbers – showing a deliberate targeting of UK users.
As per data, the fraudsters targeted approximately 6,000 people across the globe, with UK citizens being their primary target. The group scammed UK citizens of approximately £9 million, accounting for a third of all the lost funds.
The Role of Technology and Platforms
Online scams have always been a tactic that’s grown in popularity over the years. With deepfake and the ease of AI, scammers can easily amplify their credibility, creating near-perfect videos – that are difficult to distinguish from reality.
These scams raise pressing questions about the role of significant technology companies in preventing fraudulent advertisements on their platforms. While before, there were fake emails promoting phishing websites; fraudsters continued to exploit significant gaps in government and company oversights.
Current UK legislation, including the Online Safety Act, offers hope for stronger protections, but parts of the act addressing fraudulent advertising won’t be enforced until next year.
What’s Next
If you’ve encountered fake cryptocurrency advertisements, news stories, or suspicious activity on platforms like Facebook and Google, The Guardian wants to hear from you. Reporting these activities can play a small yet significant role in holding scammers accountable and protecting potential targets.
NFT Gaming Specialist
120 Articles
Vlad has been active in the crypto space since early 2013 with a hands-on approach since late 2017. His focus has always been being able to showcase the value crypto brings to our digital landscape. That’s why he tried almost every possible category from mining to NFT and ICOs – back in the day. In short, he enjoys every part of the blockchain space, from the community to the nitty gritty technological details.
