A pensioner who invested €15,000 after an online financial advisory site fraudulently claimed to be endorsed by David McWilliams is just one of many who have been duped, the economist and commentator has said.
Mr McWilliams, a columnist with The Irish Times, said a series of advertisements had been appearing on social media platforms including Facebook, Instagram and YouTube purporting to show him in support of financial investments, without his prior knowledge or approval.
Recently the social media posts have been using artificial intelligence claiming to show Mr McWilliams exposing “secrets” of the wealthy with fellow broadcaster Tommy Tiernan, before “being bundled out of the studio”.
The posts frequently carry fake representations of Irish national newspapers which in turn appear to be carrying stories of how Mr McWilliams was assaulted after revealing investment strategies. One fake photograph shows him with a black eye, another being detained by gardaí.
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Mr McWilliams, a long-time critic of social media companies which allow fake investment recommendations to appear on their platforms, said an “elderly follower” was just one of a number of distressed people who had handed over money.
He said the pensioner had written: “I saw your interview with Tommy Tiernan and rightly or otherwise, I started with...250 euro. Within days they persuaded 15,000 out of me. I am a senior on a very small pension.”
The pensioner said the scam attempted to get more money by way of “tax and other expenses”.
“I don’t have that extra money and am very suspicious and afraid of losing my 15,000. Can you offer any advice please as to what I can do?.”
Mr McWilliams believes his image was used and false recommendations made because he was known to be an adviser on economic matters and a credible voice in relation to online safety.
He called on social media companies to accept responsibility for such fraudulent advertisements and to filter them from their platforms. He said billions are being spent on AI [artificial intelligence] and the social media platforms should “spend some of that money protecting their users”.
The commentator also spoke on RTÉ Radio 1’s Liveline programme on Monday, on which another caller said she had received 31 calls from a range of numbers after she had partially filled in an online form, including giving her phone number. She said the calls to her mobile phone had become increasingly belligerent.
Liveline quoted Meta – which is responsible for WhatsApp, Facebook and Instagram – saying it was constantly developing new ways to make it more difficult for scammers to operate.
