Impersonation Scams

An investigation was launched following a report made by Anthony, who had previously expressed an interest in stock trading. After reading about a potential technology business online, he attempted but failed to locate a local broker. While performing additional investigation, he came across an internet advertisement for investment opportunities and subscribed to it.

Shortly after, he received a phone call from a man who identified himself as Robert and urged that he open an account with what appeared to be a credible investing firm. Within a few days, another person, David, took on the job of leading him through the account setup and share-buying procedure. Anthony was also put in touch with a fictitious financial advisor, Michael, who reassured him about the investment’s validity and predicted significant future profits.

Between October 2024 and February 2025, Anthony sent a total of €150,000 to what he thought was a genuine firm managing his interests. The cash was sent to a UK-based account. Throughout the period, he received professional-looking documentation, account statements, and assurances that his portfolio was functioning admirably.

When he attempted to take some of his profits, suspicions emerged. He was told that before any withdrawals could be processed, he needed to pay an additional €60,000 in taxes. He asked his bank for a loan because he couldn’t afford the sum. After studying the documents he had received, the bank staff quickly discovered anomalies and concluded that the invoices and investment paperwork had been faked.

It became clear that he had been the victim of a sophisticated investment fraud scheme involving multiple individuals using convincing identities and coordinated communication. The total confirmed loss amounted to €150,000.

Fraudsters often exploit victims’ interest in legitimate financial opportunities, using professional communication and documentation to create a false sense of security.

Disclaimer: This account is based on a real-life case investigated by the authorities. While the events and figures described are factual, names have been changed to protect the privacy of the individuals involved.

This case involves a highly sophisticated investment fraud that leveraged artificial intelligence to deceive a victim we will call Paul. The scam was initiated when Paul clicked a link on a Facebook advertisement that featured deepfake videos of prominent local figures. These AI-generated images and videos were used to fraudulently portray well-known Maltese personalities as they were recommending a specific crypto-asset trading platform. Paul, believing the endorsements to be genuine, expressed interest in a nominal investment of €260.

Shortly after providing his details, Paul was contacted by a fake trader who began communicating with him through phone calls and WhatsApp. To maintain Paul’s interest and build a false sense of security, the fraudster used grooming tactics to establish a personal friendship. Their conversations moved beyond financial markets to include topics such as pets and potential property purchases in Malta. Once a high level of trust was established, the fraudster convinced Paul to download the ‘AnyDesk’ application on his mobile device. This allowed the criminals to take total remote control of Paul’s phone, where they installed additional apps and gained direct access to his banking credentials.

Under the guise of professional trading, the fraudsters moved Paul’s funds through various digital financial services platforms They even coached Paul on exactly how to respond to security queries from his bank to ensure the suspicious transfers would not be blocked. As the scam progressed, Paul was pressured to take out loans and borrow money from family members to increase his investment. In the final stage of the deception, the fraudsters demanded urgent and substantial payments to settle ‘advance taxes’ before his alleged profits could be released. By the time Paul realised the operation was a fraud, he had sustained a total loss of over €60,000.

Warning signs and red flags:

• Social media advertisements use artificial intelligence and deepfake technology to show prominent local figures endorsing investment platforms.
• Initial contact with a purported financial adviser is generated through a link on a social media site.
• The individual offering financial guidance is not a licensed professional registered with the relevant authorities.
• All interactions are held exclusively through digital platforms and messaging apps without any in-person contact.
• The fraudster requests that you download remote access software such as ‘AnyDesk’ to gain control of your electronic device.
• There are frequent and persistent requests for you to invest increasingly higher amounts of money.
• The platform shows unrealistically high profits that appear to be generated in a very short timeframe.
• Urgent requests for advance payments are made as a condition for withdrawing your supposed earnings.

Disclaimer: This account is based on a real-life case investigated by the authorities. While the events and figures described are factual, names have been changed to protect the privacy of the individuals involved.