Factsheet by the European Supervisory Authorities on online financial frauds and scams in the Artificial Intelligence world

PRESS RELEASE

31 July 2026

Factsheet by the European Supervisory Authorities on
online financial frauds and scams in the Artificial Intelligence world

As there have been cases of online financial frauds and scams using Artificial Intelligence, the European Supervisory Authorities have issued a factsheet, warning consumers about possible risks related to financial loss and identity theft, together with self-protection tips regarding personal and banking information. The warning explains different types of online financial frauds and scams, such as impersonation scam and deepfake, phishing and social engineering, investment or insurance scams, romance frauds and scam, and fraudulent purchase scam.

The warning provides guidance on what consumers should do when they have become victims of such frauds or scams, namely: immediately stop transactions in order to block any further transfers to suspicious accounts and avoid further losses; immediately contact their bank or financial company via official contact channels; change their passwords on all their devices and applications/websites; and report the incident to the police or the national competent authority.

The warning also draws attention to so-called recovery room frauds where a person poses as a representative of a public authority (e.g. police, a tax or financial authority, etc.), claiming they can get the money lost in a previous fraudulent scheme back for an upfront fee.

The full text of the factsheet is available here.