Description: Scammers used AI tools to clone the broker Exante and defraud at least one U.S. victim by registering a JPMorgan Chase account and replicating Exante’s trading interface. AI-generated fake documents, deepfakes, and cloned websites enabled the scheme. Exante, which does not operate in the U.S., confirmed the fraud and filed reports with multiple U.S. agencies.
Editor Notes: While generative AI–produced identity documents were not explicitly confirmed in this case, their use is consistent with reported capabilities and plausibly supported the creation of financial infrastructure. This incident report treats them as a likely—but not definitively verified—component of the broader scam operation. See also Incident 1018, "OpenAI's 4o Model Reportedly Enables Fraudulent Document Generation."
Entities
View all entitiesAlleged: Unknown generative AI developers and OpenAI developed an AI system deployed by Scammers cloning Exante and Unknown scammers, which harmed Individual investors , Exante and JPMorgan Chase.
Alleged implicated AI systems: ChatGPT 4o , JPMorgan Chase banking systems and Cloned Exante web interface
Incident Stats
Risk Subdomain
A further 23 subdomains create an accessible and understandable classification of hazards and harms associated with AI
4.3. Fraud, scams, and targeted manipulation
Risk Domain
The Domain Taxonomy of AI Risks classifies risks into seven AI risk domains: (1) Discrimination & toxicity, (2) Privacy & security, (3) Misinformation, (4) Malicious actors & misuse, (5) Human-computer interaction, (6) Socioeconomic & environmental harms, and (7) AI system safety, failures & limitations.
- Malicious Actors & Misuse
Entity
Which, if any, entity is presented as the main cause of the risk
Human
Timing
The stage in the AI lifecycle at which the risk is presented as occurring
Post-deployment
Intent
Whether the risk is presented as occurring as an expected or unexpected outcome from pursuing a goal
Intentional
Incident Reports
Reports Timeline
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- "Regular" clones are so 2023: With AI-generated passports, deepfakes and websites, fraudsters are running sophisticated, large-scale, ultra-realistic scams.
- "It's a speed game", said Exante's Head of Compliance, "You need AI tools to copy …
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AI has empowered fraudsters to sidestep anti-spoofing checks and voice verification, allowing them to produce counterfeit identification and financial documents remarkably quickly. Their methods have become increasingly inventive as generat…
Variants
A "variant" is an AI incident similar to a known case—it has the same causes, harms, and AI system. Instead of listing it separately, we group it under the first reported incident. Unlike other incidents, variants do not need to have been reported outside the AIID. Learn more from the research paper.
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