Santander creates fake AI-generated social media ads to warn consumers of increased risk

New research from Santander UK shows over half of Brits fear that they or a family member could fall victim (56%) to this type of scam, and don’t know what to believe when it comes to things they are buying online (50%).

Last year £16.7 million was stolen from Santander customers by fraudsters in purchase scams – with 67% of the total originating from social media platforms (by volume).

Despite growing up in the digital age, the data reveals that younger generations are particularly susceptible to this type of scam. Among Gen Z, while more than half (51%) of social media users reported that they’ve spotted a fake AI-generated advert on social media before, still almost one in six (14%) admit having lost money as a result of these type of fake ads.

Chris Ainsley, head of fraud risk management at Santander UK says the top tell-tale signs of fake AI adverts include, prices that are too good to be true, suspicious Web addresses, image discrepancies and spelling and grammar errors.

“Generative AI has opened the floodgates to a new wave of highly convincing scams that can be almost impossible to spot at first glance,” he says. “As fraudsters become more sophisticated, it’s vital that people stay alert and think twice before engaging with adverts or offers that appear to- good to be true. We want to make sure everyone knows what to look for so they can shop online with confidence, particularly as we head into one of the busiest shopping periods.”