Experts warn that fraudsters are setting up “private investment groups” on platforms such as WhatsApp, Telegram, Instagram and X (Twitter), using deepfake (AI-generated synthetic) videos of government leaders and well-known economists to lure citizens into traps. These scammers often pose as analysts, experts, or brokers, steering individuals toward fake investment tools.
Cybersecurity expert Dr. Ahmet Şenol cautioned against using the same password for every bank and emphasized: “Banking transactions should not be carried out from places where public computers are used, such as internet cafés, but instead from your personal computer or your own smartphone. If you are accessing internet banking via a smartphone, it is safer to use your mobile carrier’s cellular data rather than a public Wi-Fi network.”
Dr. Ahmet Şenol, Head of the Cybersecurity Master’s Program at Üsküdar University, shared important information on how to protect yourself against the recent rise in cyber fraud cases disguised as “investment advice.”
What is investment advice fraud?
Dr. Şenol defined investment advice fraud as: “A type of scam in which individuals, lured by promises of high profits, are persuaded to invest large sums of money into something that is either worthless or entirely nonexistent. As a result, the victim loses a significant portion or even all of their money.” Explaining how the process works, Dr. Şenol said:“In such scams, the fraudster first establishes contact with the victim and gains their trust. Initially, the victim is shown apparent profits to create the illusion of success. Later, the fraudster convinces the victim to invest nearly all of their available cash into a fake investment instrument they have created. In the end, the scammer, posing as an investment advisor, cuts off communication, leaving the victim with nothing but a worthless app and fabricated stock records.”
Fraudsters publish fake videos on social media
Dr. Şenol explained that fraudsters typically set up “private investment groups” on platforms such as WhatsApp, Telegram, Instagram and X (Twitter):“Skype is also used as a communication channel. Victims are often directed to these groups through fake promotional videos created with deepfake artificial intelligence, featuring government leaders or trusted economists. A person may be added to a WhatsApp group directly by the administrator or may join by clicking an invite link. In fake celebrity videos, the option to join the group is usually presented. Among the prominent figures whose images have been misused in these deepfake videos are President Recep Tayyip Erdoğan, his son-in-law Selçuk Bayraktar, Finance Minister Mehmet Şimşek, economist Mahfi Eğilmez and economist İslam Memiş. In these fabricated videos, they appear to give investment advice or recommend purchasing certain stocks, statements they have never actually made.”
Victims are shown fake videos of “people who have made large amounts of money”
Dr. Ahmet Şenol stated that in these groups, victims watch fabricated videos of individuals who appear to have earned huge sums of money and come across so-called training and investment advice videos by alleged investment experts. He said: “The victim who joins the group will watch fake videos of people supposedly making large amounts of money, and will also find training and investment recommendation videos by so-called experts. In general, the group administrators introduce themselves as analysts, experts, or brokers. After a certain orientation period, the person is contacted by the so-called investment expert and directed toward fake investment instruments.”
Worthless stocks are sold to victims in large amounts
Explaining that fraud can also occur in stock trading, Dr. Şenol noted: “Fraudsters purchase large amounts of worthless stocks at very low prices. Then they get victims to buy these worthless shares in bulk, causing the stock price to rise. When the price goes up, the fraudsters sell their shares at a high price, while victims are left holding shares they bought at inflated prices that later drop significantly, and it is impossible for them to regain the value they paid.”
They also collect money through fake investment apps
Pointing out some of the most common fraud scenarios, Dr. Şenol continued: “In another scenario, the victim who joins a WhatsApp group is directed by the so-called investment expert to download a fake investment app on their phone. The victim deposits the amount instructed by the so-called expert into a specified account. Because the fake app shows assets such as stocks or gold in exchange for the deposited amount, the victim believes they are profiting. In reality, however, the money is taken by the fraudsters, and the fake investment app generates records with no real value. Victims are first encouraged to invest a small amount, and the app falsely shows their money doubling within a month. This convinces them to invest much larger sums. When they later attempt to withdraw their money, they are told that taxes or commissions must first be paid, resulting in heavy deductions, but the remaining balance is never transferred. They are told they are in deficit. When victims invest large sums and the fraudsters sense they no longer have additional resources, communication is cut off. Another scenario occurs when someone meets a person on a dating site who, after building trust, eventually persuades them to invest.”
Who is at risk?
Highlighting the groups most at risk, Dr. Şenol said: “Among the victims are those who have recently received retirement bonuses and aim to increase the money they earned after years of work. Anyone with disposable income beyond monthly expenses, money in the bank, or property they could sell for cash may be targeted. In particular, people who are new to the stock market are at risk. Even individuals with trading experience in the stock market can become victims.”
They lure young people with promises of quick money
Dr. Ahmet Şenol emphasized that tech-savvy young people can also fall victim to the promise of cryptocurrency and quick money. He explained: “Their lack of financial experience makes them easy targets. Men or women seeking partners on dating sites and apps may agree to an investment proposal after a certain level of intimacy, simply to avoid offending the other party, and end up becoming victims. Those without experience in finance and investment are in the risk group. Even with a high level of education, a person with little financial experience can still become a victim. Individuals who cannot distinguish fake websites, fake URLs, or fraudulent email addresses are at greater risk. The main traits of victims are: falling for promises of doubling their money in a short time, letting their desire to profit prevent them from questioning the legitimacy of what is offered, and being temporarily or permanently deprived of the reasoning framework to distinguish what is possible from what is not.”
No address, only a phone number? Be cautious!
Drawing attention to the “red flags” that individuals should watch for when receiving investment advice messages, Dr. Şenol warned: “If gains are promised in an unrealistically short time and with no risk, if the so-called investment expert can always reach you but you cannot reach them when you want to, if you are not given your money after making a profit and are fed excuses, in other words, if you cannot withdraw your money from the system, if you are pressured to invest quickly, and if the supposed investment advisor has only a phone number but no physical address, and you may be the target of fraud.”
Do not access internet banking through public Wi-Fi!
Offering advice on protecting personal and financial data, Dr. Şenol stated: “The same password should not be used for every bank. Banking transactions should not be performed on public computers such as those in internet cafés, but rather on your personal computer or your own smartphone. If you are accessing internet banking via a smartphone, it is safer to use your mobile operator’s cellular data instead of public Wi-Fi. Smartphone passwords should not be shared with children, nor should smartphones be given to them for prolonged use.”
Tips to protect yourself from fraudsters
Cybersecurity expert Dr. Ahmet Şenol concluded with recommendations for individuals to protect themselves: “One should approach with suspicion anyone or any ad promising abnormally high profits in a very short time with zero risk. Political leaders or ministers never give personal investment advice. Such videos should not be believed. Economists generally say things like ‘buy gold,’ ‘buy property,’ or ‘invest in the stock market,’ but they never recommend buying shares of a specific company. Money should never be invested in any platform that lacks an official license or approval from the Capital Markets Board (SPK). Investment groups on social media should not be trusted. Be cautious about investment advice from people you meet on dating sites before you truly know them. If you fall victim, you should file a criminal complaint with the prosecutor’s office by providing the IBAN numbers of the accounts you were asked to transfer money to, or the phone numbers or websites used for communication. You may also seek legal assistance from a lawyer. Contact your bank to see if the transaction can be reversed.”