Santander UK has issued a stark warning to its customers, revealing that a staggering three in four could be vulnerable to having their bank accounts wiped out by sophisticated, AI-generated social media scams.
The Scale of the Problem
The bank's research shows that 74 per cent of customers are unable to correctly identify a fraudulent advertisement online. This alarming statistic is compounded by the finding that a mere eight per cent of people feel 'very confident' in their ability to spot an AI-generated scam on platforms like Facebook and Instagram.
With the Christmas shopping season intensifying, over half of those surveyed reported fearing that they or a family member could fall victim to such a scam. This anxiety is having a tangible impact on consumer behaviour, with two in three people now actively choosing not to purchase items advertised on social media due to concerns over legitimacy.
A New Wave of Sophisticated Fraud
To illustrate the severity of the threat, Santander created ten fake AI social media adverts. These examples demonstrate just how realistic and difficult to distinguish these fraudulent promotions have become. The financial consequences are already severe; last year alone, £16.7 million was stolen through purchase scams, with a massive 67 per cent of these incidents originating on social media platforms.
Interestingly, while more than half (51%) of Gen Z social media users claim to have spotted a fake AI-generated advert, this awareness has not fully translated into safety. Almost one in six (14%) within this demographic admit to having already lost money to such deceptive ads.
Expert Advice for the Festive Season
Chris Ainsley, Head of Fraud Risk Management at Santander UK, commented on the new threat, stating: "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 urged the public to exercise extreme caution, adding: "As fraudsters become more sophisticated, it’s vital that people stay alert and think twice before engaging with adverts or offers that appear too 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."
As a result of these findings, over half of all consumers report they are being extra vigilant with their online shopping this Christmas, a necessary precaution in the face of this evolving digital danger.
