Deepfake investment scams use Thai finance minister's face

Deepfake investment scams using the face of Thailand's finance minister are circulating online, and the minister has filed a police complaint. Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said on Friday, November 13, that fake advertisements used AI to make it look as if he was urging people to invest, The Thaiger reported. He stressed that he has never promoted any investment scheme.

Ekniti said he was startled when he first saw the adverts, because the AI-generated images looked remarkably like him. His message to the public was clear: do not assume an advert is genuine just because it shows a familiar face.

How deepfake investment scams work

Deepfakes are images, videos or voice clips created or altered with artificial intelligence so that a real person appears to say or do something they never did. Scammers use them to borrow the trust that people place in well-known figures such as ministers, business leaders and celebrities.

In a typical scheme, a fake advert appears on social media or a website, showing a public figure who seems to recommend a fund, trading app or other "guaranteed" opportunity. Viewers who click are led to sign up, hand over personal details or transfer money. Once the money is sent, it is usually moved quickly through other accounts, making it very hard to recover.

Ekniti said that while AI offers benefits, it also gives criminals new ways to deceive people, especially through convincing deepfake images and voice recordings. Thai authorities have issued similar warnings before, including the alert covered in our report on AI-powered voice fraud in Thailand, where scammers copied the voices of victims' loved ones.

Fake loan apps claiming official backing

The minister also warned about mobile loan apps that claim to be endorsed by the Ministry of Finance. He said the ministry has never endorsed such apps.

Ekniti explained that financial apps are overseen by the Bank of Thailand, while licence applications must also be reviewed by the Ministry of Finance. When asked whether the ministry would take legal action against apps that falsely claim its endorsement, he did not confirm any plans, saying only that all apps must comply with the law.

The central bank has been pushing lenders to strengthen security, as described in our story on the Bank of Thailand's cyber defence order.

Mule accounts and harder-to-spot fraud

The warning comes amid growing concern about financial scams in Thailand. Ekniti said the government has made progress in cracking down on mule accounts, which criminals use to move stolen money, but increasingly sophisticated technology is making fraud harder to prevent.

That is a familiar pattern. As banks and police close one route, scammers adopt new tools. Generative AI has made it cheaper and faster to produce realistic fake images and voices, so a scam that once needed skill and time can now be created in minutes.

How to protect yourself from deepfake investment scams

Based on the minister's advice and common safety practice, readers can reduce their risk by following a few simple steps:

• Be suspicious of any advert in which a minister, official or celebrity promises high or guaranteed returns.
• Check claims through official channels, such as the website or verified social media accounts of the person or agency shown.
• Do not trust an app simply because it says it is endorsed by a ministry; check whether it is properly licensed.
• Never transfer money or share bank details, passwords or one-time codes with someone you met through an online advert.
• If something seems wrong, stop, talk to family or your bank, and report it to the police.

Why it matters

When scammers can copy the face of the country's finance minister, the old advice to "trust what you see" no longer works. Ekniti's decision to go to the police sends a signal that public figures are taking the problem seriously. But the main defence is still public awareness. As the minister said, people should check financial claims carefully rather than believe an advert because it features someone they recognise.

Image: A "Real or fake?" presentation at the REAIM summit in The Hague, illustrating how deepfake investment scams can fool viewers. Photo by the Netherlands Ministry of Foreign Affairs / Martijn Beekman via Wikimedia Commons, licensed under CC BY-SA 2.0.