Report 6339

The engine of the new wave of “pump and dump” frauds is AI-generated fake profiles that are used to deceive savers on social media. One of those whose identity has been exploited is journalist Gabriel Mellqvist, who believes that companies like Meta are not taking responsibility.

“I feel great frustration. I think it is sad that large companies are not taking a hard line against this kind of thing,” he tells SR Ekot.

So far, over 5,000 Swedish small savers have lost half a billion kronor in the frauds, according to the Swedish Financial Supervisory Authority.