Paul Thwaite, the chief executive of NatWest, has reportedly been depicted in an AI-generated scam circulating on social media platform X. The deepfake image showed Mr Thwaite alongside journalist Emily Maitlis, attempting to create the impression of a BBC radio interview. A caption accompanying the image suggested a strong reaction to a discussion about the NatWest CEO's salary, which stood at £6.6 million last year, representing a 33 per cent increase from 2024.
This incident marks a growing trend of high-profile individuals within the UK's financial sector being targeted by sophisticated AI scams. It follows recent deepfake videos that depicted Bank of England Governor Andrew Bailey in a fabricated altercation with Reform UK leader Nigel Farage. These videos, some showing Mr Farage holding a gun, prompted a strong response from the Bank of England, which has warned the public about a surge in fake advertisements impersonating financial institutions.
Governor Andrew Bailey has explicitly urged the public to remain vigilant and report such scams, emphasising that these schemes are designed to criminally exploit individuals, particularly those who may be vulnerable online. He stressed that reporting these fraudulent activities is crucial for authorities to effectively combat digital deception and remove the perpetrators responsible. Mr Farage also commented on the "bizarre AI videos," acknowledging disagreements with Mr Bailey but stating he would "never take it that far."
The proliferation of deepfake media has raised significant concerns regarding online safety and consumer protection. While the UK's Online Safety Act contains provisions aimed at curbing the spread of deepfake content by requiring tech platforms to address fraudulent advertising, these specific measures are not expected to come into force until next year. This delay leaves a temporary gap in comprehensive legal enforcement against such rapidly evolving digital threats.
Further highlighting the ongoing challenges, the UK's media watchdog, Ofcom, launched an investigation earlier this year into Elon Musk's X. The inquiry aims to determine whether the platform has adequately protected British users from explicit deepfakes generated by its Grok AI. Ofcom cited "deeply concerning reports" regarding the chatbot's use to create and share undressed images. Should X be found in violation of media law, it could face a substantial fine, potentially up to 10 per cent of its revenue or £18 million, whichever figure is higher. This investigation remains ongoing.