Warning to citizens against AI-powered fake investment advice

In a written statement issued by the Ministry of Trade, it was stated that unrealistic investment proposals have recently been circulated through videos created with artificial intelligence technology and spread on social media, and it was emphasized that citizens should be careful against such content.

The Ministry pointed out that fraud cases, especially those promising high returns, are on the rise. The statement included the following: “In fake videos and messages prepared with artificial intelligence, the names of people who have built trust in society are used to create the impression that investment advice is being given, and thus fraudulent acts are carried out.”

It was reported that a large number of people who fell victim to such content recently have filed complaints with the ministry. When the complaints were examined, it was determined that these posts highlighted high-profit opportunities under the guise of “forex,” “initial public offerings (IPO),” and “crypto asset” investments, and that the names and logos of state institutions and international investment companies were used without authorization.

It was stated that the photos and videos of famous names were used in fake advertisements by being created with artificial intelligence technology, and that foreign-sourced phone numbers, websites, and mobile applications were also included in these deceptive methods. While the information provided in the advertisements is usually detailed through social messaging platforms, it was reported that individuals posing as investment consultants demand that money be deposited into designated accounts, providing low-amount gains in the first stage to build trust, but subsequently requesting higher amounts of money and even encouraging the use of loans.

The statement included the following: “In these applications, it was stated that the impression of ‘forex, IPO, and crypto asset investment’ was given, the names and logos of public institutions and international investment organizations were used, foreign-origin phone numbers, websites, and mobile applications were utilized, the names, photos, and videos of well-known public figures were used in advertisements created by artificial intelligence, that detailed information in advertisements given on various social media or other channels was provided on social messaging platforms, that individuals posing as investment consultants on social messaging platforms suggested depositing money into shared account numbers, and that although small amounts of profit were provided at first, higher amounts of money were requested from individuals afterwards, and that individuals were even encouraged to take out loans for this purpose.”

The Ministry warned citizens against cyber threats and fraud methods, underlining that they should be cautious against suspicious calls and social media content. It was stated that, in particular, any request for banking transactions or money transfers should not be taken into account.

It was emphasized that in case of victimization, it is of great importance to report the IBAN number of the account where money is requested to be deposited, the calling phone number, or the website to the relevant institutions. It was reported that the Ministry of Trade will continue its legal fight against such deceptive advertisements and unfair commercial practices.