A network operated from Georgia’s former Soviet province has defrauded thousands of investors in the UK, Europe, and Canada totaling $35 million (£27 million) after they were lured by fake celebrity advertisements on Google and Facebook, following government interventions pledged three years ago. Commitment made by the government to ban such practices.
Deepfake videos and fake news stories featuring financial expert Martin Lewis, radio host Zoe Ball, and adventurer Ben Fogle were used to promote fraudulent cryptocurrency and investment schemes. The perpetrators have reportedly continued contacting victims in recent weeks.
The leaking of a massive amount of fraud call center data to Swedish public broadcaster SVT exposed the scam, which was further investigated and shared by international reporting partners, OCRRP.
The British government has introduced a new set of laws aimed at safeguarding online users, but specific sections targeting fraudulent advertising by entities are not expected to be enforced until the following year.
Cases of Authorized Push Payment (APP) scams, where victims were deceived into transferring money directly from their accounts, have increased by 12% in 2023 to over 230,000, leading to significant financial losses. Latest figures from UK Finance highlight the magnitude of the losses.
Victims fell for fake celebrity ads on Facebook and Google.
Photo: Denis Charlet/AFP/Getty Images
Source: www.theguardian.com
