Central bank governor says AI-generated scams 'are designed to criminally exploit the public' as viral video shows Question Time scrap
A deepfake video showing a brawl between Reform UK leader Nigel Farage and Bank of England governor Andrew Bailey went viral on social media this week – and the central bank is warning the public about the rise of AI-generated scams online.
The video, which appeared on social media platform X, depicted Bailey and Farage fighting on the set of BBC's Question Time, with Farage holding a gun during the scrap and the two men eventually being separated by police officers.
And Bailey, speaking on Tuesday, said the public needed to be “vigilant” about the proliferation of AI-generated content amid growing concern about its ability to facilitate financial fraud.
“Unfortunately, fake adverts impersonating the Bank of England and other central banks are on the rise,” Bailey said on Tuesday. “These scams are designed to criminally exploit the public, especially the vulnerable, when they are online.
“I would urge everyone to stay vigilant and report these scams. That way, authorities can better rout out digital deception like this and permanently remove the fraudsters responsible for what is a truly online scourge.”
Ofcom data showed that usage of deepfake scams spiked by 550% between 2019 and 2023, a trend that’s been flagged as a potentially dangerous development for the mortgage industry.
Speaking to Mortgage Introducer in 2024, OSB Group chief credit and money laundering reporting officer Richard Wilson highlighted how deepfake and AI technology could present new opportunities for fraudsters.
“With the advancement of artificial intelligence, the ability to clone someone’s voice or image is already well documented, with surprisingly realistic results,” he said.
“New Generative AI models mean fraudsters can create and manipulate image, video, and audio content with limited technical skill needed, often for free or via a subscription-based service.”
The same year, engineering company Arup was the victim of deepfake fraud after an employee sent criminals the equivalent of £20 million because of an AI-generated video call.
Earlier this year in New Zealand, Steve Jurkovich, chief executive of lending giant Kiwibank, highlighted how fraudsters are impersonating him in fabricated online stories and paid posts to promote bogus investment platforms in his name.
Farage weighed in on the video showing a fight with Bailey. “You may have seen some bizarre AI videos on this platform today,” he wrote on X. “Whilst Andrew Bailey and I have our disagreements, I would never take it that far!”
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