The New York State Division of Consumer Protection, alongside the New York State Department of Financial Services, warned consumers about increasingly sophisticated investment scams that use artificial intelligence to create fake voices, deepfake videos, celebrity endorsements, phishing messages and fraudulent investment platforms. Federal Trade Commission data show that 144,041 consumers reported more than USD 8 billion in investment scam losses in 2025, up 38% from 2024, with a median loss of USD 10,560. The alert covers relationship-based schemes, impersonation of celebrities and financial experts, fake cryptocurrency projects, precious metals fraud and investment recovery scams. Warning signs include guaranteed or unusually high returns, unsolicited recommendations, pressure to act quickly, requests for cryptocurrency or wire transfers and demands for additional fees before withdrawals. Consumers should independently verify the person, company, investment and destination of funds, stop payments immediately if fraud is suspected and report virtual currency company complaints in New York to the Department of Financial Services.
2026-08-27New York State Department of Financial Services
New York State Department of Financial Services and New York State Division of Consumer Protection warn of AI-driven investment scams
The New York State Department of Financial Services and Division of Consumer Protection warned consumers about investment scams using AI-generated content and fraudulent trading platforms. Reported U.S. losses exceeded USD 8 billion in 2025, up 38% from 2024. Consumers should independently verify investments and avoid offers promising guaranteed returns or requiring cryptocurrency or wire transfers.