AI-boosted trading? The latest technique used by internet scammers to lure their victims

Internet scammers are leveraging the buzz around artificial intelligence to create highly convincing fake trading platforms. These scams promise significant profits through AI-enhanced investment tools, claiming to use technologies like ChatGPT to spot winning stocks or automate trades. Accompanied by slick visuals of rising stock charts and AI-generated robot imagery, the ads lure users—often via sponsored social media content—into depositing money on fraudulent sites.

Once engaged, victims are persuaded to make an initial deposit, followed by simulated trades that show artificial gains. In some cases, a small withdrawal is even allowed to build trust. Ultimately, the victim is encouraged to invest more—and once they do, the money disappears. These platforms are entirely fictitious, with fabricated charts and values.

Cybercrime experts, including Marc Bouzy and Jean-Baptiste Boisseau from Signal Arnaques, highlight how the scams adapt to current tech trends. What used to be crypto-based is now AI-themed, often abusing names like OpenAI and ChatGPT to seem credible. Some fraudsters even go further, staging fake endorsements by celebrities or impersonating state agencies to re-target victims for more money under the guise of recovery fees.

Despite the sophistication of these scams, AI tools like ChatGPT are ill-suited for financial modeling or serious trading decisions. Experts such as Charles Letaillieur of Converteo and fintech firms like Revolut caution that while AI can assist in summarizing or explaining financial data, it should not be trusted to make investment decisions.

The damage is extensive, with some individuals losing over €200,000. Legal experts note that prosecution is rare and cross-border cooperation remains a challenge, especially in cases involving networks operating from countries like Israel.