A concerning surge in cybercrime is emerging in Sri Lanka, as scammers increasingly deploy Artificial Intelligence (AI) to create highly convincing deep-fake videos featuring prominent business figures, government officials, and celebrities — falsely promoting fraudulent investment schemes that promise extraordinary returns.
These videos, at first glance, appear legitimate. Produced to resemble professional “interviews” in Sinhala and expertly dubbed into fluent English, they show familiar personalities seemingly endorsing various financial products and digital platforms. Many of the advertisements promise staggering profits, with some claiming returns of 10 to 15 times the original investment — attractive offers for citizens grappling with the rising cost of living.
However, authorities warn that the content is entirely fabricated. The Central Bank of Sri Lanka (CB) has issued a strong caution, clarifying that the videos are “entirely fake and artificially generated.” It further emphasized that the Bank does not promote or support any private investment programs, cryptocurrency ventures, or deposit schemes.
“These scams are dangerous because they exploit public trust,” an officer from Sri Lanka CERT, the national cybersecurity agency, stated. “The technology has become so realistic that even trained professionals can struggle to detect it. People must understand that anything that seems too good to be true probably is.”
Cybersecurity experts note that most of these deep-fake videos are produced overseas using advanced AI tools capable of cloning voices and facial expressions. Once created, the clips are circulated on social media platforms such as Facebook and YouTube, strategically targeting Sri Lankan audiences. Their objective is clear — to build trust using recognizable faces and lure individuals into depositing money into fraudulent schemes.
Victims are typically directed to professional-looking websites or online communication channels such as WhatsApp or Telegram, where they are encouraged to invest in foreign currency or cryptocurrency. Many are shown fabricated dashboards displaying impressive “returns” to persuade them to invest further. Once substantial funds are transferred, the operators disappear, leaving victims in financial and emotional distress.
The CB’s Financial Consumer Relations Department has urged the public to exercise extreme caution and verify any investment opportunity through official banking channels. “We encourage the public to report such fake promotions immediately by contacting the Central Bank hotline 1935 or Sri Lanka CERT,” the Bank stated in its latest advisory.
Experts warn that as AI technology advances, these scams are likely to become even more sophisticated and difficult to identify. The Central Bank has categorically denied any involvement in such promotions, reiterating that official communications are released solely through verified and recognized platforms.
“This is not just a cybercrime issue — it is a growing social problem,” a cybersecurity expert observed. “People are losing not only their savings but also their confidence in digital information. Combating these scams requires both vigilance and awareness.”
With AI increasingly blurring the line between real and fake content, authorities urge Sri Lankans to exercise caution, verify online information, and rely only on legitimate financial institutions regulated by the Central Bank.
