UPDATE: Santander has just announced a critical warning that 74% of its customers could have their bank accounts wiped due to a surge in fake AI-generated social media adverts. This alarming statistic comes as the holiday shopping season ramps up, with many consumers at heightened risk of falling victim to scams.
According to the bank’s findings, only 8% of customers feel “very confident” in their ability to spot AI-generated adverts, leaving a vast majority vulnerable. Over half of respondents expressed fears that they or a family member could be scammed during this festive period. The urgency of this situation is underscored by the fact that 67% of the £16.7 million lost to purchase scams last year originated from social media platforms, a trend that is only expected to worsen during the holiday rush.
Chris Ainsley, Head of Fraud Risk Management at Santander UK, emphasized the growing sophistication of fraudsters:
“Generative AI has opened the floodgates to a new wave of highly convincing scams that can be almost impossible to spot at first glance.”
He urged consumers to remain vigilant and think critically before engaging with online advertisements, especially those that seem too good to be true.
In light of these risks, Santander has created 10 fake AI social media adverts to help educate customers on how to identify potential scams. The initiative aims to empower consumers as they navigate the increasingly treacherous landscape of online shopping.
The report also highlights that two-thirds of consumers are opting out of purchasing from social media due to concerns over ad legitimacy. Among younger users, particularly Gen Z, more than half reported having encountered fake adverts, yet 14% admitted to losing money as a direct result of these scams.
As the Christmas shopping season approaches, experts stress the importance of increased vigilance. With a significant portion of holiday shopping expected to take place online, the potential for scams is heightened. The message is clear: shoppers must be cautious and informed to protect themselves during this busy time.
As the situation develops, consumers are urged to stay alert and educate themselves on the signs of fraudulent activity. With the stakes so high, taking proactive steps could make all the difference in safeguarding personal finances this holiday season.
