The Securities and Exchange Commission (SEC) of Nigeria has sounded a stern warning to the public about a growing wave of sophisticated scams involving artificial intelligence (AI) technology to fabricate celebrity endorsements. This alarming trend is reportedly being exploited by fraudsters to deceive unsuspecting Nigerians into investing in fraudulent schemes, often leading to significant financial losses.
In a statement released by the SEC’s Investor Protection Department, the regulator revealed that scammers are now using advanced AI tools to create realistic but entirely fake audio and video clips of popular celebrities endorsing dubious investment opportunities. These deepfake materials are then circulated widely on social media platforms, messaging apps, and other online channels to lend false credibility to fraudulent ventures.
The SEC emphasized that while celebrity endorsements have long been used in legitimate marketing, the recent misuse of AI to simulate such endorsements marks a dangerous escalation in financial crimes. The commission urged investors to exercise heightened caution, verify the authenticity of any investment offers, and refrain from making financial commitments based solely on celebrity claims or social media promotions.
Furthermore, the regulator advised the public to always consult official sources or licensed financial advisers before engaging in investment activities. The SEC also encouraged Nigerians to report suspicious solicitations or fake endorsements to the appropriate authorities to aid in tracking and prosecuting perpetrators.
This warning comes at a time when Nigeria continues to battle increasing cases of online fraud, with cybercriminals constantly evolving their tactics to exploit new technologies. The SEC reiterated its commitment to protecting investors through continuous surveillance, public education campaigns, and collaboration with law enforcement agencies.
As artificial intelligence becomes more accessible and sophisticated, experts warn that vigilance and informed decision-making remain the best defenses against emerging financial scams. Nigerians are therefore urged to remain cautious and verify all investment information to avoid falling victim to these deceptive schemes.
