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How to identify fake news and financial fraud on social media
While scams are nothing new, technology is helping fraudsters find more ways to trick people online. Social media has paved the way for the spread of fake news. Cybercriminals are using bank names, logos, and even images of executives to deceive.
Fake news is information that may appear accurate but is intended to deceive. It is often used in scams.
Much fake news can be found on social media as fake posts or advertisements that have the appearance of a legitimate news site. Cyber criminals behind this deceptive content, which leads to a website with a fake article, want users to click on links so they can steal personal data.
These posts often feature fake images of business leaders, executives, or other well-known individuals, as well as catchy headlines to promote attractive investments that are actually intended for the user to fall victim to financial fraud or scams.
Fake news about banks
Finding a bank’s name in a fake news headline is more common than you might think. By spreading false information about products and services or posing as employees or executives, cybercriminals seek to take advantage of companies’ reputations and credibility to trick readers into financial fraud.
They attract attention by announcing the launch of highly profitable investments that the bank or individual mentioned in the post supposedly endorses.
The case of Santander and its executives
Fake news was recently detected on social media advertising an investment product offered by Santander and the launch of an investment platform managed by Santander. The bait is the image of one of our executives, José Antonio Álvarez, which has been altered using artificial intelligence.
Although the content behind the link is hosted on various fraudulent websites, the social media posts have the same design as authentic online media to make them appear genuine.
The cybercriminals’ goal is for users to click the link so they can gather their banking details and make off with their money.