Login
iscover
Share this article on:
Powered by
MOMENTUM
MEDIA
Powered by MOMENTUMMEDIA
Cyber security experts are warning of a surge in AI-powered investment scams, with one company revealing millions of fraudulent domains blocked in just seven months.
Cyber security experts have sounded the alarm over a sharp rise in investment scams driven by artificial intelligence, with NordVPN’s chief technology officer warning that scam tactics are “evolving at an unprecedented pace”.
According to NordVPN’s Marijus Briedis, scammers are “using AI not just to automate attacks but to make them deeply convincing”.
“Our role is to stay several steps ahead by leveraging cutting-edge technology to detect and neutralise threats before they reach users,” Briedis said.
“But ultimately, public awareness and education remain the best defences.”
AI has transformed traditional scams, merging automation with social engineering to create fake investment opportunities, voice calls, and phishing campaigns that appear genuine.
Cyber criminals are now using AI-generated voices to impersonate trusted contacts or financial institutions, while fake online shops – many built with AI-designed templates – have proliferated, with more than 120,000 malicious sites impersonating Amazon alone in just two months.
In fact, NordVPN revealed it had blocked more than 4.5 million malicious domains between March and October this year alone.
“AI is a double-edged sword: while it powers incredible innovations, it also equips scammers with tools to mimic legitimate communication flawlessly,” Briedis said.
“This fusion of AI and social engineering creates a challenging landscape where technology alone isn’t enough; users must stay alert and question what they see and hear.”
More worryingly, the scale of the problem is continuing to grow. NordProtect managing director Tomas Sinicki said investment scams surged nearly 25 per cent year on year, costing victims an estimated US$5.7 billion in 2024. Many of these scams begin with stolen personal data – an email address, phone number, or even just a name – which fraudsters then use to personalise attacks and build credibility.
“Cyber security threats are no longer just about technology – they’re increasingly about the psychology of people and their resilience to social engineering attacks,” Sinicki said.
“While technology can help shield identities, once that data is compromised, protection depends on vigilance, strong identity monitoring, and even safety nets like cyber insurance.”
Experts recommend being wary of unsolicited investment offers, verifying websites carefully, and enabling multifactor authentication. Consumers should activate identity monitoring tools to detect breaches early and to stay informed about new threats, including deepfake and AI-generated scams.
“Enabling identity monitoring and alerts can help detect data breaches early, while multifactor authentication adds an essential layer of security,” Briedis said.
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
Be the first to hear the latest developments in the cyber industry.
