REPORTS of online fraud have tripled in the last three years – with scammers emboldened by the rise of artificial intelligence, the finance industry’s regulatory body has said.

The Jersey Financial Services Commission has said that technological advances have made scams more believable and given fraudsters and extra avenue to try to illicit money

Kerry Petulla, executive director of enforcement and intelligence at the JFSC, said the types of fraud seen now are becoming increasingly sophisticated and difficult for people to spot.

“I think people have become very resilient to ‘you’ve won the Spanish lottery,’ when you’ve never bought a Spanish lottery ticket or ‘I’m a Nigerian prince’. I think we all became very familiar with that and we became very resilient to those types of emails.

“I think with AI and technology development, we are seeing quite a shift in how fraud is perpetrated.”

Last year, a string of deepfake videos – when a person’s likeness is manipulated by AI to say and do things they have not – purporting to be Jersey politicians, with the logos of local media organisations were circulated on social media. In them, senior politicians were urging Islanders to put money into a government investment platform, which ultimately did not exist. 

“They go for something so close to reality,” Mrs Petulla said. “Fraudsters impersonate businesses or individuals through subtle changes to email addresses like changing one letter.”

Mrs Petulla experience this first-hand when an email claiming to be her was sent to people, telling them they were subject to financial enforcement. 

She said: “What fraudsters do is put you under pressure. They need you to make a decision and make it now.  

“What we’re trying to say to people is build the resilience to just stop and take a moment to think. If something is genuine, someone will give you the time.  

“Then challenge and ask yourself, could it be fake? Should I just refuse this? Should I ignore it? Should I speak to people about what I’ve received?” 

Last month, the States of Jersey Police issued a warning about Revolut scams, which made up 75% of all scam crime reports. In it, Islanders lost a total £180,000. 

A spokesperson for the police said: “Scams can affect anyone, regardless of age or background. Our advice is simple: stop, think and verify.” 

Because Revolut is not a Jersey-based company, these reports did not go through the JFSC.  

The police spokesperson added: “We continue to work closely with partner agencies, the banking sector and telecommunications providers to raise awareness and help protect Islanders from fraud and scams. Prevention remains one of the most effective tools in tackling this type of crime. 

“If you believe you have been targeted by a scam, contact your bank immediately and report the matter to the States of Jersey Police. Even if no money has been lost, reporting scam attempts helps us identify trends and protect the wider community.”