OJK Warns Investors of AI Deepfake Investment Scams

Indonesia's Financial Services Authority (OJK) is warning the public about capital market scams that use artificial intelligence, including deepfake technology. The warning came from Edi Broto Suwarno, Head of Securities Companies Supervision at OJK, during the Ring The Bell For Financial Literacy 2026 event at the Indonesia Stock Exchange (IDX) building on Wednesday, October 14, 2026.

OJK Flags a New AI-Driven Scam Pattern

Edi said the same digital technology that makes it easier for retail investors to access information and investment services is also being exploited by bad actors. Tools that help ordinary people research stocks faster are now being repurposed to deceive them.

"Deepfake technology can be used to create videos or audio that resemble public figures or financial professionals, making it look like they are recommending a particular investment," Edi said, according to his remarks at the event.

What Deepfake Means and Why It Matters for Investors

Deepfake refers to AI-based manipulation of images, video, or audio to make fabricated content look and sound almost identical to a real person. In investment scams, this means fake clips of an analyst, official, or public figure appearing to endorse a specific stock or product.

For retail investors, these clips can be extremely hard to distinguish from genuine footage. Facial expressions and voice tone can be engineered convincingly, especially when the clip circulates through social media or messaging groups that already carry a sense of trust.

The Older Trick Still in Play: Impersonating Licensed Institutions

Beyond deepfake content, Edi also pointed to a more familiar tactic, scammers posing as licensed financial institutions to offer investments promising high returns with no risk. This approach is often used to build victims' trust before asking them to transfer funds to accounts or platforms that are neither registered nor supervised by OJK.

Combining a recognizable institution's name with AI-generated content that looks authentic makes these scams harder to spot than older, more obviously exaggerated investment pitches.

Why Now: The Setting Was a Financial Literacy Event

The warning was delivered as part of Ring The Bell For Financial Literacy 2026, held at the IDX building, an event typically used to remind the public about financial literacy and investor protection. The timing matters because IDX is a primary entry point for new retail investors, which makes education on scam risks a core part of ongoing literacy efforts.

Who Should Be Extra Careful

First-time investors who are still learning the basics of stock investing tend to be easier targets because they are less practiced at verifying whether an investment offer is legitimate. They may also be quicker to trust a recommendation that appears to come from a familiar face, especially when it is shared through something as personal as a WhatsApp or Telegram group.

Investors who are frequently active on social media and regularly receive stock tips from unfamiliar accounts should also stay alert. OJK stressed the importance of understanding both the risk and the legality of an offer before committing, rather than relying on the promise of returns alone.

What it means for investors

A few practical takeaways from this warning:

• Do not take a video or audio recommendation at face value, even if it appears to show a well-known figure endorsing a stock.
• Be cautious of any offer promising high returns with no risk, since that remains one of the clearest red flags in these schemes.
• Verify the identity of whoever sends an investment pitch, particularly if first contact comes through social media or a messaging app.
• Confirm an offer's legal status before transferring any funds, not afterward.

The risk here goes beyond direct financial loss. As AI-generated scams become more common, investors will need to treat all stock recommendation content with more scrutiny, even material that appears to come from a seemingly credible source.

What is deepfake in the context of investment scams?

Deepfake is AI-based technology that can create fake videos or audio that look and sound like real people, including public figures or financial professionals, making it seem like they are endorsing a particular investment product.

Who issued this warning?

Edi Broto Suwarno, Head of Securities Companies Supervision at OJK, delivered the warning at the Ring The Bell For Financial Literacy 2026 event at the Indonesia Stock Exchange building on Wednesday, October 14, 2026.

What other scam tactic did OJK mention?

OJK also flagged scammers who impersonate licensed financial institutions to offer investments promising high returns with no risk.