Spanish police have arrested six peoplewho were behind a crypto investment scam that used tools (AI) to trick users.
Specifically, the fraudsters used AI to create deepfake ads featuring famous faces to lure people in. The investment scam was indeed very successful, with at least €19 million stolen from 208 victims around the world.
The authorities managed to arrest the fraudsters as part of the "COINBLACK – WENDMINE" operation. The police operation began two years ago after a victim reported the matter.
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The fraudsters, aged between 34 and 57, were arrested in the areas of Granada and Alicante. During the police raids, 100,000 euros, mobile phones, computers, hard drives, weapons and documents were seized.
The investigation showed that the criminals had created multiple shell companies to launder the illegal proceeds.
AI-assisted crypto investment scam
According to the authorities' descriptions, the fraud had multiple phases. It could have started with a romance scam or with the fraudsters posing as "financial advisors."
Victims were selected through algorithms and then shown deepfake ads generated by AI tools.
“ With the help of Artificial Intelligence, the fraudsters created fake advertisements featuring well-known personalities who apparently suggested (to the victims) to invest in these products ,” explains the Policia National statement
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Deepfake (AI) scams can unfortunately be very effective, and that was the case with this crypto investment scam. Victims initially saw large returns on fake platforms that generated false data. At some point, the scammers informed them that their investments had been blocked and their money could only be recovered if they made a large payment.
In the final phase, the scammers would contact the victims again, posing as Europol agents or UK lawyers. They would claim that their funds had been recovered and ask them to cover local costs to get them back. Ultimately, the victims would lose their money.
Recognizing online investment scams requires awareness and caution. First, it is important to always check the credibility of the investment organization or platform. This can be done by looking at the company's credentials, such as its operating license and customer reviews.
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Second, beware of excessively high returns. Scams often use promises of unusually high profits to lure victims. If something seems too good to be true, it probably is.
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Third, it is important to be careful with unexpected investment proposals. Scammers often use email or social networks to contact potential victims (now also fake ads via AI).
Finally, it is important not to be pressured into making quick decisions. Scammers often try to pressure victims into investing quickly, without giving them a chance to research the investment.
Source: www.bleepingcomputer.com
