In a troubling development, Instagram ads that impersonate financial institutions such as Bank of Montreal (BMO) and EQ Bank (Equitable Bank) have emerged, aiming to deceive Canadian consumers through phishing scams and investment fraud. These ads utilize AI-driven deepfake technology alongside official branding to lure unsuspecting users to counterfeit websites, leading them to potentially compromise their personal information.
One ad, which closely mimics the branding of EQ Bank, promises an enticing interest rate of 4.5%. However, clicking on this ad redirects users to a phishing website associated with ‘RBCpromos1.cfd’, which is not linked to EQ Bank. Users are then prompted to provide their banking credentials, putting their financial security at risk. In contrast, legitimate ads from EQ Bank direct users to its official website, providing customers with the assurance they need during their online banking activities.
Another fraudulent initiative was found in an Instagram ad titled ‘BMO Belski’, which purports to be affiliated with Brian Belski, BMO’s Chief Investment Strategist. This misleading advertisement engages users with screening questions before requesting their personal information. In a bid to appear credible, the ads even feature AI-generated videos of Belski, further exacerbating the situation for potential victims.
It has come to attention that these deceptive ads commonly originate from Facebook accounts lacking an Instagram presence. The ‘BMO Belski’ account, for instance, was created under a different name and strategically repurposed to lend authenticity to the scam. Although these scams have been reported to Instagram, they persist, highlighting the urgent need for increased vigilance and swift actions by social media platforms to protect users.
In response, EQ Bank has acknowledged awareness of the proliferating phishing campaigns and is actively collaborating with various platforms to eliminate fraudulent ads. An EQ Bank spokesperson emphasized the importance of customer caution when engaging with online promotions and urged consumers to verify the legitimacy of communications through official channels.
As these types of high-fidelity scams continue to rise, consumers are advised to remain vigilant when encountering online advertisements that appear too good to be true. Meta has confirmed that it is investigating the issue, with promises to remove any content deemed fraudulent, yet the need for user caution remains paramount.