Michael Hewson – one of the City’s most respected market analysts – was cloned as part of an AI-powered social media scam.
A fake video using AI to pose as the host of the Good Money Guide Podcast circulated on Facebook and Instagram this week, attempting to lure users into joining a Whatsapp group.
The fraudulent video cited Hewson’s 30-year experience in financial markets and former role as chief market analyst at CMC in a bid to manipulate viewers.
It used ‘fear of missing out’ tactics to direct users to the scam Whatsapp group, with the promise of “massive undervalued” investments.
The AI-generated Hewson urged viewers to “get in before the crowd” rather than waiting until the investments “hit the headlines and chase them at higher prices”.
Facebook has faced criticism in the past for its delayed response to combat scams.
Good Money Guides highlighted a previous case where it took the social media platform 1,024 days to remove an advert that had been reported as a scam.
This scale-up in scams using modern technology has raised the alarm on fraudsters’ new capabilities to deceive audiences.
Hewson responded to the scam on X: “Please let it be known this is nothing to do with me.
“It’s been reported and I’m taking it up with Meta – needless to say I’m very angry about it.”
This is not the first time scammers have posed as the analyst to exploit investors.
Hewson released a statement in March 2024 after Whatsapp users were receiving messages about crypto investment services in his name.
He said at the time: “I DON’T, and never will OFFER INVESTMENT ADVICE on WhatsApp, or any other messaging service.”
Good Money Guides released tips on avoiding Whatsapp trading scams in light of the growing schemes.
The guidance urged users to be sceptical of all social media schemes, steer away from ‘get-rich schemes’ and never to click on external links from social media apps or networks.