URGENT UPDATE: Santander UK has just announced a critical warning that three in four customers could be vulnerable to losing their bank accounts due to fake AI-generated advertisements on social media. This alarming revelation comes as the holiday shopping season ramps up, with 74% of consumers unable to identify fraudulent ads.
In a survey conducted by the bank, only 8% of respondents expressed “very confident” feelings in their ability to detect AI-generated scams online. Meanwhile, over half of those surveyed fear they or a family member may fall victim to such deceptive tactics, prompting two-thirds to refrain from making purchases on social media altogether.
Chris Ainsley, Head of Fraud Risk Management at Santander, stated, “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 emphasized the importance of vigilance, especially as the holiday shopping period approaches.
In a proactive move, Santander has created 10 fake AI social media adverts to illustrate the sophisticated nature of these scams, helping consumers recognize the signs of fraud. Last year, a staggering £16.7 million was lost to purchase scams, with 67% of these incidents traced back to social media platforms.
Among younger consumers, particularly Gen Z, 51% reported encountering fake AI-generated adverts, and 14% admitted to losing money due to these scams. As Christmas shopping intensifies, over half of respondents are now exercising increased caution against AI-generated fraud.
As we enter this busy shopping season, consumers are urged to remain alert and skeptical of offers that seem “too good to be true.” Ainsley concluded, “We want to ensure everyone knows what to look for so they can shop online with confidence.”
Stay tuned for further updates on this developing story as Santander works to protect its customers during this critical time.
