Fraudulent Bank Advertisements on Instagram Expose Victims to Financial Scams

Fraudulent advertisements on Instagram, including deepfake videos, are impersonating reputable financial institutions such as Bank of Montreal (BMO) and EQ Bank (Equitable Bank) to deceive consumers. These scams utilize advanced techniques to target unsuspecting individuals.

Scammers employ various strategies, including Artificial Intelligence (AI) to generate realistic deepfake videos with the aim of collecting sensitive personal information. Additionally, they may direct users to typosquatted domains that closely resemble the authentic websites of the impersonated banks, thereby adding a layer of deception.

An example showcases an advertisement labeled as “Eq Marketing,” which closely imitates the branding and color scheme of EQ Bank, while promising an enticing interest rate of “4.5%.”

In this scenario, clicking the “Yes, continue with my account” button leads the user to a fraudulent “EQ Bank” login interface, requesting banking credentials. This action likely results in the scammers accessing and draining the victim’s bank account.

Another deceptive advertisement pretends to be from BMO’s Chief Investment Strategist, Brian Belski, misleading individuals into believing they are receiving credible financial guidance. This tactic often includes invitations to join a “private WhatsApp investment group.”

The impersonation of bank officials and authoritative figures is becoming increasingly prevalent, often delivered in a convincing manner. Scammers typically create a sense of urgency, pressuring individuals into making immediate financial transactions that may inadvertently lead to transferring funds to fraudulent accounts.

Such scamming tactics are not confined to Instagram; similar invitations to WhatsApp investment groups are encountered on various social media platforms like X multiple times each week.

Verify before you trust: Always confirm the legitimacy of any advertisement or communication claiming to be from your bank. Access your bank’s official website or contact them directly using verified details prior to taking any actions.

Double-check the advertiser account: Investigations have revealed that the accounts running fraudulent ads on Instagram may only have a presence on Facebook, lacking official verification on Instagram itself.

Look for red flags: Exercise caution with advertisements that create urgency, promise extraordinary rewards, or solicit sensitive information such as passwords or PINs. Legitimate financial institutions will never request such details via social media or advertising channels.

Scrutinize visuals and language: While deepfakes can appear highly convincing, watch for subtle discrepancies in video quality, abnormal facial movements, or awkward phrasing that could signal deception. Trust your instincts if something seems amiss.

Enable Multi-Factor Authentication (MFA): Enhance your account security by activating two-factor authentication across your banking and social media accounts. This layer of protection is vital in case of compromised credentials.

Report suspicious content: If you come across dubious ads or messages, report them to Instagram and inform your bank immediately. Your proactive measures can help others avoid falling victim to scams.

Use web protection: Implement solutions ranging from programs that block known malicious sites to browser extensions capable of detecting skimming attempts, along with advanced tools designed to inquire about suspected scams.

Stay informed: Stay abreast of the latest scam tactics and security recommendations from your bank and trusted cybersecurity sources. Awareness is a key pillar of effective defense.

It is imperative that cybersecurity risks are recognized and addressed proactively to ensure the safety of online interactions and transactions across social media platforms.