A new wave of cybercrime is rapidly spreading across Sri Lanka, with fraudsters using artificial intelligence (AI) to create deepfake videos featuring prominent businessmen, government officials, and celebrities endorsing fraudulent investment schemes.
These sophisticated videos—produced as professional-style interviews in Sinhala and voiced in fluent English—appear strikingly authentic at first glance. They show familiar faces promoting financial products and digital platforms promising extraordinary returns, sometimes as high as 10–15 times the initial investment, targeting vulnerable citizens facing rising living costs.
However, authorities warn that these endorsements are entirely fake.
The Central Bank of Sri Lanka has issued a strong warning, stating that such videos are “completely fake and artificially generated” and reaffirming that it does not promote or support any private investment, cryptocurrency, or deposit schemes.
“These scams are dangerous because they exploit public trust. The technology has become so realistic that it is difficult to detect—even for trained professionals,” an official from Sri Lanka CERT, the national cybersecurity agency, said.
Cybersecurity analysts note that most of these deepfake videos are generated overseas using advanced AI tools capable of cloning voices, facial expressions, and gestures. Once produced, the clips are circulated widely across Facebook, YouTube, and other social media platforms to target Sri Lankan users.
Victims are then redirected to professional-looking websites or messaging platforms such as WhatsApp or Telegram. They are encouraged to invest in dollars or cryptocurrencies and are often shown fabricated dashboards displaying fake profits to lure them into investing larger amounts. Once funds are transferred, scammers vanish—leaving victims financially devastated.
The Financial Consumer Relations Department of the Central Bank urges the public to remain extremely vigilant and verify any investment offers through official banking channels.
“We encourage the public to report such fraudulent promotions immediately by calling the Central Bank’s hotline 1935 or Sri Lanka CERT,” the advisory states.
Experts warn that as AI technology continues to evolve, these scams may become more sophisticated and harder to detect. The Central Bank reiterated that all its official communications are issued exclusively through verified channels.
“This is not just a cybercrime issue—it is a growing social concern. People are losing not only their savings but also their trust in digital information. Awareness and vigilance are essential,” a cybersecurity expert emphasized.
As AI continues to blur the line between real and fake, authorities urge Sri Lankans to trust only verified, regulated financial institutions and remain cautious about online investment claims.
