NASSAU, BAHAMAS – Central Bank Governor John Rolle has reiterated his concerns over the rising threat of fraudulent online content and deepfake scams, particularly those promoting bogus investment opportunities.
Speaking on the growing dangers of artificial intelligence-driven deception at a press conference on Monday, Governor Rolle urged citizens to be cautious of fake ads, videos, and social media posts. Earlier this month, the regulator issued a warning, urging the public to avoid falling for fake internet ads, videos, and social media posts impersonating Central Bank officials regarding investment opportunities supposedly offered by the regulator.
Deepfake technology has made it easier than ever for scammers to create highly convincing, yet entirely fraudulent, content, capable of mimicking voices, video footage, and even facial expressions.
“It is important to continue to encourage the public to remain vigilant against deepfake scams. These scams prey on vulnerabilities, and it’s crucial for individuals to be skeptical of what they see circulating. With the advances in artificial intelligence, people need to be aware of how realistic videos, voices, and other forms of media can look and sound. People should understand that there is no shortcut to earning income or achieving high returns,” said Governor Rolle.
He added, “It’s important for the public to recognize what the average rates of return are in the Bahamas. If you’re being promised returns that are significantly higher, you should be highly skeptical and ask questions about how those returns are being generated. Also, be cautious if you’re told that returns will be sent to cryptocurrency accounts. While there are no prohibitions in the Bahamas against investing in cryptocurrency or holding cryptocurrency accounts, it’s important to do so through secure and trusted channels. Don’t fall for schemes that make it seem like you’re avoiding the system or the rules—be very skeptical. Deepfake scams are not only an issue in the Bahamas but are also being tailored regionally. Be wary of any scheme where you’re asked to pay money for a job or gain—this should be a red flag.”
Governor Rolle also addressed ongoing concerns about bank-related scams, urging the public to be extra cautious with communication from financial institutions. “Any communication asking you to share a PIN or password should raise suspicion. Financial institutions will always caution clients to verify such requests independently, through channels that they normally use, rather than clicking on links in unsolicited messages. Even if a message appears to come from your bank, it’s safer to go directly to the institution’s website or app to verify any information,” he said.
Governor Rolle emphasized that public education is key to preventing scams. “Public education is crucial to preventing these scams, and much of our efforts have been focused on educating people to be cautious and suspicious. We’re looking into ways to increase layers of education so that individuals can better identify and report suspicious schemes when they encounter them,” he concluded.
