AI deep fakes lure Sri Lankans into costly investment scams
A chilling new wave of cybercrime is sweeping across Sri Lanka, as scammers use Artificial Intelligence (AI) to create convincing deep fake videos featuring well-known business leaders, government officials, and celebrities — all promoting fake investment schemes that promise extraordinary returns.
At first glance, these slick videos look genuine. Shot as professional “interviews” in Sinhala and seamlessly dubbed into fluent English, they feature familiar faces appearing to endorse financial products or digital platforms. Many of the ads promise staggering profits even claiming returns of 10-15 times the investment, enough to tempt ordinary citizens struggling with the rising cost of living.
But behind these convincing faces lies deception powered by AI. The Central Bank (CB) has now sounded the alarm, warning that such videos are “entirely fake and artificially generated.” The Bank stressed that it does not promote or support any private investment, crypto currency, or deposit scheme.
“These scams are dangerous because they exploit public trust,” said an officer from Sri Lanka CERT, the country’s main cyber security agency. The technology has become so real that at times, even for a trained eye, it’s tough to figure out. People should understand that anything that seems too good to be true probably is.”
Most of these deep fakes are created overseas by powerful AI tools that can clone voices and facial expressions, according to cyber security analysts.
Once created, the clips are circulated through Facebook, YouTube, and other social media platforms targeting Sri Lankan users. The intent is simple; to build trust using familiar faces and persuade people to deposit money into fraudulent schemes.
Victims are usually led to professional-looking websites or messaging platforms such as WhatsApp or Telegram, where they’re persuaded to invest in dollars or crypto currency. In many cases, they’re shown fake dashboards displaying impressive “profits” to convince them to invest even more. Once significant sums are transferred, the fraudsters disappear without a trace, leaving behind financial ruin and emotional distress. CB’s Financial Consumer Relations Department is urging citizens to be extremely cautious and verify any investment offer through official banking channels. “We encourage the public to report such fake promotions immediately by contacting the Central Bank hotline 1935 or Sri Lanka CERT,” the Bank said in its latest advisory.
Experts fear that as AI technology continues to evolve, these scams could become even more sophisticated and harder to detect. The CB has categorically denied any involvement in such promotions and reiterated that all official communications are released only through verified channels.
“This is not just a cybercrime issue, it’s a growing social problem,” a cyber-security expert noted. “People are losing not only their savings but also their confidence in digital information. Combating these scams requires both awareness and caution.”
As AI continues to blur the lines between real and fake, Sri Lankans are being urged to think twice before believing what they see online and to place their trust only in verified financial institutions regulated by the CB.
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