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Scammers are posting advertisements on social media, particularly on Facebook, Instagram, WhatsApp and YouTube.
The advert claims to use AI to generate passive income from an initially modest investment and deliver large returns. The scammers often claim you can make between $1000 - $5000 a day from an investment of $350.
The scammers will create a fake trading profile that looks legitimate, and will ask you to begin with a small investment. They'll show you fake returns on your investment, then ask for more money, often through cryptocurrency.
The scammers misuse well-known news brands and the CommBank brand to try and legitimise their scam.
Scammers have even used fraudulent, AI generated videos of CommBank CEO Matt Comyn, and others, to try and convince people to invest.
CommBank urges you to be sceptical of any opportunity that seems too good to be true. Always Stop, Check and Reject if in doubt. You can validate the authenticity of any investment product offered by CommBank by contacting us directly through our official phone numbers, which can be found on our Contact us page. You can also review our investment scams information to learn more about recognising these scams.