Experts warn that fraudsters are setting up 'private investment groups' on platforms like WhatsApp, Telegram, Instagram, and X (Twitter) and luring citizens with deepfake (AI deep-fictional) videos of state officials and famous economists. They caution that these fraudsters, who generally introduce themselves as analysts, experts, or brokers, direct individuals towards fake investment tools.
Cyber Security Specialist Dr. Lecturer Ahmet Şenol, who warns against using the same password for every bank, stated, “Banking transactions should be done from a personal computer or your own smartphone, not from public computers in places like internet cafes. If you are accessing internet banking from a smartphone, it is safer to use your GSM company's cellular data rather than a public wireless network.”
Head of Üsküdar University Cyber Security Master's Program, Dr. Lecturer Ahmet Şenol, shared important information on ways to protect against the recent increase in cyber fraud cases under the guise of 'investment advice'.
What is investment advice fraud?
Dr. Lecturer Ahmet Şenol defined investment advice fraud as “a type of fraud that forces individuals to invest money far beyond its worth in something that is actually worthless, or to invest in something that does not exist, resulting in the defrauded person losing a significant portion or all of their money”.
Providing information on how the process works in this fraud, Dr. Lecturer Ahmet Şenol said, “In this type of fraud, it first involves contacting the victim, making apparent profits until their trust is gained, then loading almost all of the victim's cash assets into the fake investment tool orchestrated by the fraudster, and finally, the fraudster, appearing as an investment advisor, cuts communication, leaving the victim with a worthless application and records of fake stock shares.”
Fraudsters publish fake videos on social media
Explaining that fraudsters typically set up “private investment groups” on platforms such as WhatsApp, Telegram, Instagram, and X (Twitter), Dr. Lecturer Ahmet Şenol continued:
“Skype is also used as a communication channel. Victims are often directed to these groups with the help of fake promotional videos created using artificial intelligence deepfake (deep fiction) technology, featuring high-ranking state officials or economists who have gained public trust. A person's inclusion in a WhatsApp group happens either by the administrator adding the person to the group or by the person joining the group themselves after the administrator creates a ‘join group’ link. In fake videos of celebrities, the option for individuals to join the group themselves is generally provided. President Recep Tayyip Erdoğan, his son-in-law Selçuk Bayraktar, Minister of Treasury and Finance Mehmet Şimşek, Economist Mahfi Eğilmez, Economist İslam Memiş are just a few of the important figures whose fake videos are published, making them appear to say things they never actually said, using artificial intelligence and deepfake. Investment advice is typically given through the mouths of famous people, recommending the purchase of certain stocks.”
Victims are shown fabricated videos of “people who have earned a lot of money”
Dr. Lecturer Ahmet Şenol stated that in these groups, victims watch fabricated videos of people who have earned a lot of money and encounter educational and investment advice videos from so-called investment experts. He added, “The victim who joins the group will watch fabricated videos of people who have earned large sums of money, and will also find educational and investment advice videos from so-called investment experts. Generally, group administrators introduce themselves as analysts, experts, or brokers. After a certain orientation period, the person will be called by the supposed investment expert and directed towards fake investment tools.”
Worthless stocks are made to be bought in large quantities by victims
Noting that fraud can also occur in stock market share purchases, Dr. Lecturer Ahmet Şenol stated, “Fraudsters buy a large quantity of a worthless stock at a low price. While victims are made to buy large amounts of this worthless stock, the stock gains value. When the stock value rises, fraudsters sell their shares at a high price, and victims are left with shares bought at a high price, which have dropped to a very low price, and are unlikely to ever see the price they paid.”
They also collect money for fake investment applications
Pointing to the most common fraud scenarios, Dr. Lecturer Ahmet Şenol noted the following:
“In another scenario, the victim who enters a WhatsApp group downloads a fake investment application to their mobile phone following the directions of the so-called investment expert there. They deposit the amount stated by the expert into the account mentioned by the expert. Since they see assets like stocks or gold equivalent to the amount they deposited in the fake investment application, they believe they are making a profit. However, in the background, the money sent to the account mentioned by the fake investment expert has been taken by the fraudsters, and in return, non-existent records have been created in the fake investment application. The victim is first encouraged to deposit a small amount, and after it is shown that their money has doubled in one month in the fake investment application, they are then convinced to invest the main large sum. When the victim wants to withdraw their money, things like tax expenses and commission are mentioned, and a large deduction is made, but the remaining amount is never paid. They are told they are in the red. When a large amount is invested and the victim is felt to have no more resources left, the fraudster cuts communication. Another scenario is when someone met on a dating site encourages the other party to invest after a while.”
Who is at risk?
Dr. Lecturer Ahmet Şenol, also pointing to the target audience of fraudsters, said, “Among the victims are people who have recently received a retirement bonus and aim to increase the amount they earned through years of work. Anyone who has money beyond their monthly expenses, has money in the bank, or has property to sell and convert into cash can be part of the victim group. Especially those who are considering joining the stock market for the first time can be part of the victim group. There can also be experienced individuals who have traded in the stock market among the victims.”
They deceive young people with the promise of quick money
Dr. Lecturer Ahmet Şenol stated that the technology-savvy younger demographic can also fall victim to the promise of cryptocurrency and quick money. He said, “Their lack of financial experience makes them easy targets. Men or women looking for partners or friends on dating sites and apps can become victims by accepting an investment offer after a certain level of intimacy, simply to avoid offending the other party. Those without experience in finance and investment are in the risk group. Even if an individual has a high level of education but little financial experience, they can become a victim. Individuals who cannot distinguish between a fake site, its address, or an incoming email address are also at greater risk. The main characteristics of the victim group are: falling for the promise of multiplying their money in a short time, their desire to win preventing them from questioning the reality of what is promised, and their temporary or permanent lack of a logical framework regarding what is possible or not.”
Beware if there's no address, only a phone number!
Dr. Lecturer Ahmet Şenol also drew attention to the “red flags” individuals should watch out for when receiving messages like investment advice. He warned, “If unrealistic, risk-free profits are promised in an impossibly short time, if the investment expert reaches you when they want but you cannot reach them when you want, if they don't give you your money when you make a profit and create various excuses, meaning you cannot withdraw your money from the system, if they pressure you to invest quickly, or if the so-called investment advisor only has a phone number but no address, you might be getting scammed.”
Don't use public wireless networks for internet banking!
Dr. Lecturer Ahmet Şenol also offered advice for protecting personal and financial information, saying, “The same password should not be used for every bank. Banking transactions should be performed from a personal computer or your own smartphone, not from public computers in places like internet cafes. If you are accessing internet banking from a smartphone, it is safer to perform your transaction using your GSM company's cellular data rather than a public wireless network. Smartphone passwords should not be shared with children, and your smartphones should not be given to children for prolonged use.”
Tips to protect against fraudsters
Cyber Security Specialist Dr. Lecturer Ahmet Şenol concluded his remarks by offering advice for individuals to protect themselves:
“People and advertisements promising abnormal profits with zero risk in a very short time should be approached with suspicion. Political leaders and ministers never give individual investment advice. Such videos should not be believed. Economists generally say that gold can be bought, a house can be bought, or one should turn to the stock market, but they do not say to buy shares of a specific company from the stock market. Money should not be invested in any investment platform that does not have an official license or Capital Markets Board (SPK) approval. Social media investment groups should not be trusted. Investment advice given by people you meet on dating sites should be approached cautiously without knowing them very well. In case of being a victim, a criminal complaint should be filed with the prosecutor's office, specifying the IBAN numbers of the accounts where money was requested to be deposited, or the phone numbers or website information contacted. Legal support can be obtained from a lawyer. It can also be investigated whether the transaction can be reversed by contacting the bank.”