The New Zealand Financial Markets Authority (FMA) issued a warning and updated its investor alerts after a surge in social media investment scams that use fake profiles and deepfake videos to impersonate New Zealand public figures. The latest wave expands beyond celebrities, journalists and politicians to impersonate financial commentators and business leaders, steering victims into WhatsApp “investment advice” groups and fake online trading platforms. The scams are being promoted via advertisements, particularly on Meta platforms such as Facebook and Instagram, presenting fabricated “successful investment” narratives to entice users to join WhatsApp groups where a “mentor” provides trading tips and directs people to an investment platform. In some cases, victims are prompted to install software that functions as malware or remote access tools, enabling access to personal and financial information; after funds are deposited, victims are told to pay additional fees to withdraw, but no money is returned. The FMA’s guidance includes not clicking links, not registering or sharing personal information, not downloading apps or sending money, and reporting the advertisements; it also urges suspected victims to stop contact, contact their bank promptly to seek possible transaction reversal, and have devices checked if remote access software was installed. The FMA said it will continue updating its warnings as the scam develops and linked the latest activity to similar impersonation scams it has been warning about over the last 18 months.

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