Economist Brad Olsen has raised concerns after his likeness was used in a deepfake video promoting a fraudulent investment scheme targeting retirees. The incident came to light when two pensioners contacted Olsen in separate instances, seeking confirmation about the legitimacy of the video circulating on social media.
The four-minute clip features a digitally altered version of Olsen, urging viewers to invest quickly in a purported financial opportunity that claims to bypass normal banking restrictions. The video uses a sense of urgency, pressing viewers to act before 5 p.m. on the same day. Olsen described the footage as highly realistic, with AI-generated facial images and speech that mimic his mannerisms and tone, though the voice carries a noticeable Australian accent, which Olsen himself does not have.
“I was horrified to learn that my image and voice were being exploited in this way, especially as the people reaching out to me were pensioners – a vulnerable group likely to be targeted by such scams,” Olsen said. He emphasised that he would never endorse any specific investment platform or scheme and strongly discouraged anyone from responding to such overtures.
The bogus video claims to reveal a banking algorithm that supposedly generates substantial profits, presenting itself as a secret “hack” to replicate these returns. Olsen noted that the message explicitly accused major banks of suppressing this information and implied that only immediate action would allow access to the opportunity.
Upon discovering the scam, Olsen reported the video to relevant authorities, including the Financial Markets Authority (FMA), Netsafe, the police, and the platform hosting the content. He also encouraged the public to exercise caution and avoid engaging with online investment ads that feature familiar faces without verified backing.
The FMA has issued multiple warnings this year about the rising use of deepfake technology in investment frauds. These scams often involve impersonating prominent New Zealand figures such as politicians, business leaders, and celebrities through fabricated video and audio content, coupled with fake news articles endorsing fraudulent schemes.
As part of Scam Awareness Week, the FMA reiterated advice urging consumers to be vigilant when encountering online offers promising unusually high returns. The regulator cautioned against clicking on suspicious advertisements or providing personal information through unsolicited websites.
Olsen’s experience highlights the growing sophistication of AI-driven scams and the particular risks they pose to retirees and other vulnerable populations. Authorities continue to monitor such activities and urge the public to report any suspicious financial solicitations.