New Zealand’s financial watchdog has issued warnings about sophisticated scammers using deepfake technology to impersonate well-known local finance experts and commentators on Facebook. The Financial Markets Authority (FMA) identified fake Facebook pages targeting investors by mimicking prominent figures from the local media. These fraudulent accounts use artificially generated videos of the personalities to promote what appear to be legitimate WhatsApp investment advisory groups. The scam begins when victims encounter Facebook or Instagram advertisements featuring deepfake videos of these respected financial voices. The AI-generated content shows the impersonated figures discussing their supposed investment successes and encouraging viewers to join exclusive WhatsApp groups for free trading advice. Once victims join these WhatsApp groups, they encounter what appears to be a thriving community of successful investors. However, most group members are fake accounts controlled by the scammers, all praising their supposed mentor’s investment guidance and sharing fabricated success stories. The scammers frequently ask victims to install software on their devices, which turns out to be malware or remote access tools. This gives fraudsters access to sensitive personal and financial information stored on victims’ computers and phones. When investors attempt to withdraw their funds, they hit the final trap. Scammers claim victims must pay additional fees before accessing their money. Even after paying these bogus charges, victims never receive their investments back.