When Gareth Morgan pops up in your socials…

Over the past year, the Financial Markets Authority (FMA) has warned of a flood of investment scams using AI-generated videos of well-known finance experts. Former fund managers Gareth Morgan and Carmel Fisher, broadcaster Mike Hosking, and Sharesies co-founder Brooke Roberts are among those that have had their likenesses used without permission, with scammers leveraging the credibility of such public figures to tout dodgy investment opportunities.

More recently, scammers have targeted Prime Minister Christopher Luxon, with one deepfake video claiming he could personally guarantee $35,000 a month in “passive income.” To the trained eye, the video was a bit clunky, but for others it was convincing enough to click through. Sadly, one Taranaki pensioner lost more than $220,000 in such a scam.

The formula is simple: fake authority plus false promises equals real losses.

How the scams work

The tactics vary slightly, but here’s the usual pattern:

• Step 1: The ad. You see a “sponsored” post on Facebook or Instagram featuring a famous Kiwi recommending an investment opportunity. The video looks genuine, even if the person hasn’t been in the news for years.
• Step 2: The invitation. You’re encouraged to join a WhatsApp or Telegram group for “exclusive investment tips.”
• Step 3: The mentor. Once inside, you meet a so-called “coach” or “advisor” who provides trading tips or recommends stocks to purchase. The group is full of other “members” who all share glowing success stories. But these profiles are fake.
• Step 4: The hook. The coach steers you toward an investment platform and guides you through setting up an account and transferring funds, often requesting cryptocurrency payments or asking you to install software on your computer or phone. This software is malware or allows remote access, giving scammers access to your sensitive information.
• Step 5: The sting. When you try to withdraw your money, you’re told to pay a fee. No matter how much you send, your money is never returned.

By the time victims realise what’s happening, it’s often too late.

What to look out for

The good news is that once you know the warning signs, scams are easier to spot. Here are a few red flags:

• Too good to be true. Guaranteed high returns? Easy money? Be sceptical. No legitimate investment works that way.

• Urgency. Scammers love to say, “you must act today” or “limited time only.” Pressure is a classic tactic.

• Unusual platforms. Legitimate financial advisers are unlikely to use comms tools like blind WhatsApp groups to promote investments (it’s different if you have an existing relationship and it’s your accepted method of messaging).

• Odd details. A familiar face with a strange accent, or a news set that looks just a bit off, is a giveaway.

If you’re unsure, ask yourself: would Carmel Fisher or Gareth Morgan really be cold-calling New Zealanders to promote crypto or stock tips? Probably not.

What to do if you think you’ve been scammed

If you or someone you know has fallen victim to a scam, don’t feel embarrassed. These are sophisticated operations, often run from large office set-ups overseas (also known as “scam farms”), designed to fool even the most careful people. What matters is what you do next:

1. Stop all contact. Don’t reply to messages or send more money.
2. Contact your bank immediately. Ask if they can reverse the transaction or trace the funds.
3. Report it.
• To the platform (Facebook, WhatsApp, Instagram).
• To your bank and, if relevant, your payment provider.
• To the Department of Internal Affairs or Netsafe (for spam texts or emails).
• To the FMA for investment scams.
4. Talk to someone you trust. Scammers rely on secrecy. A family member or friend can help you step back and see things more clearly.
5. Seek support. Victim Support (0800 842 846) can provide free emotional and practical help.

Protecting yourself

The online world can sometimes feel like the wild west, but you don’t need to live in fear. A few simple habits can go a long way toward protecting yourself:

• Think before you click (a quick google of the company or person will often tell you if it’s legitimate marketing or something more sinister).
• Stick to reputable sources for financial information.
• Double-check with a trusted adviser before moving money.
• Remember: if it sounds too good to be true, it probably is.

Why it matters

Scams cost New Zealanders millions every year. In the first quarter of 2025 alone, the National Cyber Security Centre recorded nearly $8 million in reported losses. And that’s just the cases we know about. For retirees living on fixed incomes, the impact can be devastating.

So next time Gareth Morgan pops up in your Facebook feed promising riches, remember: it might not be Gareth at all. In fact, it almost certainly isn’t.

Stay safe, stay sceptical, and keep your retirement income working for you, not for scammers.