- NatWest boss depicted in deepfake image shared widely online
- The image was “designed to defraud people”, according to Natwest
- Deepfake images and videos of banking figures are increasingly common
NatWest boss Paul Thwaite is the latest in a series of senior banking figures to become the target of a social media AI scam.
Thwaite, chief executive of NatWest, appeared in a fake image with journalist Emily Maitlis in an image designed to imitate a BBC radio interview.
The deepfake was widely shared on
Natwest boss, among other banking figures, is in the crosshairs
The deepfake refers to Thwaite’s 33% pay rise from 2024, with the NatWest boss earning a £6.6m pay package in the last year. A NatWest spokesperson said CityAM“We are working closely with social media platforms to remove these false images.”
“They are another reminder of criminal activity designed to defraud people, especially the vulnerable, and we encourage the public to remain vigilant and report any suspicious activity.”
Deepfakes are quickly becoming a serious problem in the financial sector, as fake videos, images and voice recreations are used to trick employees into handing over funds and trick vulnerable people online with fake investment scams.
Vyntra’s 2026 report found that the deepfake industry has become a $400 billion-per-year industry, with increases in artificial intelligence capabilities and computing power allowing fraudsters to generate highly convincing deepfakes at scale.
Bank of England Governor Andrew Bailey recently appeared in a fake video alongside Reform UK leader Nigel Farage, showing the pair fighting before being separated by police.
Bailey commented on the video, stating: “These scams are designed to criminally exploit the public, especially the vulnerable, when they are online. I urge everyone to remain vigilant and report these scams. That way, authorities can better root out digital deception like this and permanently eliminate the scammers responsible for what is a true online scourge.”
How to stay safe
Scammers don’t just target bank bosses. They are also using the voices of victims’ friends and family to obtain financial information and funds from unsuspecting people.
Here’s how to stay safe from deepfakes on social media, phone calls, and images:
- Always be wary of emergency phone calls from friends and family, and consider setting a safe word to use in emergencies to verify the authenticity of a phone call.
- When receiving calls from people claiming to be from your bank, or any other service you use, look for the organization’s official number and ask to be transferred to the representative who contacted you. Banks or other services will generally never ask you to provide payment information, your passwords, or other sensitive information over the phone.
- If you see an investment opportunity online, especially one that is too good to be true or offers a ‘get rich quick’ pitch, check the company’s authenticity using the FCA registration and check the details and directors of the organization at Companies House.
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