NatWest CEO targeted in AI deepfake scam

NatWest CEO Paul Thwaite has become the latest high-profile banking figure to be targeted by an AI-powered deepfake scam, with a fabricated image of him circulating widely online. This incident highlights a growing trend of sophisticated scams designed to defraud individuals, with further coverage provided by Tech Radar.

The deepfake image, which depicted Paul Thwaite alongside journalist Emily Maitlis and was designed to mimic a BBC radio interview, was shared on the social media platform X. The accompanying caption falsely suggested a discussion about Thwaite's salary, which saw a 33% increase to £6.6 million since 2024. NatWest is collaborating with social media platforms to remove these deceptive images, emphasizing that such scams aim to defraud vulnerable individuals. This incident follows similar deepfakes targeting other banking leaders, including the Bank of England governor Andrew Bailey.

The increasing sophistication and accessibility of AI technology have fueled a significant rise in deepfake creation, transforming it into a multi-billion dollar industry. These scams pose a serious threat to the financial sector, with fraudsters using fabricated images, videos, and audio to trick people into divulging sensitive information or making fraudulent transactions.

Source: Tech Radar