Moldova’s financial watchdog warns of AI-driven investment fraud and deepfake surges
The National Commission for Financial Markets (CNPF) has issued a high-level alert regarding sophisticated fraudulent schemes utilizing artificial intelligence and deepfake technology to target retail investors.
The regulator warned that scammers are increasingly hijacking the visual identities of reputable media outlets and public figures, including President Maia Sandu and Prime Minister Alexandru Munteanu, to promote "guaranteed" investment platforms.
The anatomy of the fraud
CNPF Chairman Dumitru Budianschi highlighted a recurring deepfake video promising massive returns for a symbolic entry fee of €87 (approx. 1,700 MDL). The scammers use psychological pressure and AI-generated voice cloning to build false trust with victims.
Budianschi noted that while these fakes are becoming more elaborate, users can still identify them by looking for unnatural facial expressions, erratic speech patterns, or unusual vocal accents.
A systemic surge in cybercrime
The scale of the threat is reflected in data from the National Investigation Inspectorate. Online fraud cases with significant financial impact have doubled in the past year, rising from 900 cases in 2023 to nearly 1,800 investigations in 2024.
Authorities have also documented a rise in "vishing" (voice phishing), where criminals pose as bank officials or law enforcement agents to extract sensitive data or direct transfers.
Regulatory gaps and investor vigilance
The CNPF admitted to significant hurdles in monitoring and shutting down these rogue websites in real-time. Consequently, the regulator is shifting its focus toward public education and digital literacy.
"Legitimate investment platforms are legally bound to disclose risks. Any promise of guaranteed high returns should be treated as an immediate red flag," Budianschi stated, emphasizing that genuine brokers always clarify that losses are possible.
Translation by Iurie Tataru
