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Instagram Scams Mimic BMO and EQ Bank to Lure Victims
Scammers are increasingly exploiting Instagram ads to impersonate major Canadian financial institutions such as Bank of Montreal (BMO) and EQ Bank, deceiving users through advanced deepfake videos, fake branding, and fraudulent websites. These deceptive campaigns are designed to harvest sensitive personal and financial information under the guise of legitimate banking promotions. Using realistic branding and AI-generated content, the ads lead users away from Instagram to phishing domains masquerading as real bank platforms.
In several documented cases, scammers have created ads styled with EQ Bank’s branding and colors, promising high returns like 4.5% interest rates. One such ad redirects users to a fraudulent website (RBCpromos1[.]cfd), which impersonates both EQ Bank and potentially RBC, exploiting trust in major financial institutions to steal banking credentials. Once users click through the ad, they’re presented with a fake EQ Bank login portal asking for personal account information.
Similarly, a scam involving “BMO Belski” cleverly invokes the name and likeness of Brian Belski, BMO’s Chief Investment Strategist. These Instagram stories use AI-generated deepfake videos of Belski, followed by investment questions to simulate legitimacy. After answering, users are lured into sharing personal details or joining a supposed “private WhatsApp investment group.”
What’s especially alarming is how these scams are run through Facebook accounts without any linked Instagram profile, taking advantage of Meta’s ad platform, which allows Facebook pages to sponsor content on Instagram. This tactic allows scammers to bypass some detection layers and lend aged credibility to their operation by repurposing dormant or stolen Facebook pages. For example, the “BMO Belski” page used to be named “Brentlinger Matt Blumm” before being rebranded for the scam.
Despite reports being submitted to Instagram, the malicious ads persisted for days, showing the platform’s lag in responding to such threats. Meta claims to be investigating, while EQ Bank confirms they are working to remove the fraudulent ads and have alerted their customers to remain vigilant. Both institutions denied any involvement with the scams, emphasizing customer safety and the importance of verifying the authenticity of online communications.
With scammers utilizing advanced techniques like deepfakes and social engineering, even tech-savvy users may fall prey. Instagram users are advised to remain cautious, avoid clicking on suspicious financial offers, and always confirm the legitimacy of the domains and ads they interact with. A verified checkmark is not a guarantee of authenticity, and if an offer seems too good to be true, it usually is.
What Undercode Say:
The Weaponization of Deepfakes in Financial Scams
The use of deepfake technology in financial fraud marks a disturbing evolution in cybercrime. Where scams once relied on poor grammar and broken designs, they now employ highly realistic visuals and voices, often mimicking real-life experts like BMO’s Brian Belski. Deepfakes provide scammers with a powerful tool to lend false credibility and emotional appeal to their schemes. These digital forgeries can deceive even experienced investors, especially when embedded in platforms like Instagram, where the line between entertainment and advertising is already blurred.
Exploiting Trust in Branding
By cloning the visual identity of banks like EQ Bank and BMO, scammers are targeting the subconscious trust users place in familiar logos and color schemes. When combined with promises of high returns or exclusive investment groups, these tactics lower defenses. Users often associate well-designed ads with professionalism, which scammers use to their advantage. In reality, many of these Instagram ads are merely elaborate traps.
Platform Loopholes: Meta’s Role
Meta’s advertising ecosystem allows Facebook pages without any Instagram presence to run ads on Instagram. This loophole is being abused by scammers who don’t want to risk setting up new Instagram profiles that might trigger security algorithms. Instead, they recycle Facebook pages with a history and follower base, giving their scam an appearance of longevity and trustworthiness. Meta’s slow reaction to fraud reports only amplifies the damage.
Social Engineering at Its Peak
The use of screening questions, realistic dialogues, and fake logins demonstrates how these scams blend social engineering with technical deception. Users feel like they are engaging with a legitimate bank’s process when, in fact, they are being funneled into giving away sensitive data. The BMO deepfake campaign even directs victims to WhatsApp groups—moving the scam off-platform where oversight is reduced.
Financial Fraud is Going Mainstream on Social Media
This shift should alarm both consumers and regulators. Financial fraud is no longer hidden behind shady emails or obscure websites. It now lives on mainstream social media platforms, appearing alongside legitimate content. Without active media literacy and platform-level intervention, users of all ages are at risk.
EQ Bank’s Response Highlights an Ongoing Battle
EQ Bank’s proactive warnings and media outreach show a commendable effort to safeguard customers. Still, the reactive nature of their strategy highlights a key problem: scams spread fast, and corporate responses are often too slow to contain the initial damage. What’s needed is real-time scam detection and takedown capabilities across ad platforms.
Regulatory Blind Spots
Canada, like many countries, lacks strong regulations forcing social platforms to vet financial advertisements with the same rigor as TV or print. The gap between tech innovation and legislative adaptation gives scammers the breathing room to operate freely. Without stricter ad auditing and identification verification, these scams will continue to grow.
The Human Factor in Falling for Scams
Scams
Deepfake Detection Tools Must Become Mainstream
Deepfake videos are not going away. If anything, they’re becoming more sophisticated. Social platforms must begin integrating real-time deepfake detection systems, and users should be educated on how to spot subtle inconsistencies in audio, lip-syncing, or background details. Until then, vigilance remains the only shield.
Prevention Over Cure
Ultimately, fighting these scams will require a mix of better tech policies, faster moderation, and user education. Financial institutions must constantly remind customers to verify links, avoid sharing credentials via ads, and use direct communication channels. Meta and Instagram also need to assume more responsibility by increasing the friction for running financial ads—perhaps requiring documentation or human review.
🔍 Fact Checker Results:
✅ Verified: Deepfake scams are being used to impersonate Canadian banks on Instagram
✅ Verified: Ads led to phishing domains unrelated to real institutions
❌ Not Verified: BMO or EQ Bank did not authorize or promote these investment offers
📊 Prediction:
As AI tools become more accessible, deepfake-enabled scams will likely become more prevalent across all social media platforms. Expect future fraud attempts to include not just video but interactive AI chatbots posing as bank representatives, making it even harder for users to distinguish real from fake. Stricter ad vetting and user verification processes will become crucial defense mechanisms in the digital financial ecosystem.
References:
Reported By: www.bleepingcomputer.com
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