In a disturbing new trend, cybercriminals are using artificial intelligence (AI) to create sophisticated deepfake videos featuring Sri Lankan business leaders, government officials, and celebrities to promote fraudulent investment schemes on Facebook and other social media platforms.
These scams, often advertised through slick Sinhala-language interview videos dubbed into fluent English, promise extraordinarily high returns as much as US$ 10,000 to 12,000 for a $100,000 deposit to lure unsuspecting depositors.
The Central Bank of Sri Lanka (CBSL) recently issued a public warning urging citizens to remain vigilant against these deceptive promotions.
In a strongly worded statement, the CBSL clarified that “videos circulating online featuring the prominent persons promoting investment opportunities are entirely fake and generated using AI technology.
The Bank stressed that it does not endorse or promote any private investment or cryptocurrency-related products.
The fraudulent campaigns often use convincing visuals and voice cloning technology to mimic the speech and mannerisms of well-known Sri Lankan figures.
Some videos show billionaire businessmen and other high-profile personalities appearing to praise or guarantee the success of specific financial platforms.
According to local cybersecurity analysts, these deepfakes are produced overseas using advanced AI tools and distributed through local social media networks to build credibility among Sri Lankan audiences.
An officer at Sri Lanka CERT, the national cybersecurity agency, said that the institution has received multiple complaints of individuals being deceived by AI-generated videos.
“The level of realism is unprecedented. These fraudsters are exploiting public trust in familiar faces. People must understand that if an offer sounds too good to be true, it probably is,” the official added.
Victims who respond to these advertisements are typically directed to professionally designed websites or Telegram and WhatsApp groups, where they are persuaded to make deposits in dollars or cryptocurrency.
Some victims are shown fake dashboards displaying impressive “profits” to encourage larger transfers. However, once substantial sums are invested, the fraudsters disappear without a trace.
CBSL’s Financial Consumer Relations Department has urged the public to verify any investment opportunity through official banking channels and report suspicious promotions immediately.
“We encourage people to contact the Central Bank hotline 1935 or Sri Lanka CERT if they come across fake social media advertisements misusing the identities of financial officials,” the CBSL advisory noted.
Cybersecurity experts warn that the next wave of scams could become even more convincing as AI technology evolves. The public is urged not to share or engage with such advertisements, and to rely only on verified financial institutions regulated by the Central Bank.
“CBSL categorically denies any involvement in such promotions and emphasizes that it does not engage in or endorse any investment schemes, whatsoever. These videos are clear attempts byfraudulent parties to mislead the public using deep-fake technology and AI-generated content.
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