- NatWest boss depicted in a deepfake image shared widely online
- The image was “designed to defraud people”, according to Natwest
- Deepfake images and videos of banking figures are becoming increasingly common
NatWest boss Paul Thwaite is the latest in a string of top banking figures to become the subject of an AI social media scam.
Thwaite, the chief executive of NatWest, was shown in a deepfake picture with journalist Emily Maitlis in an image designed to imitate a BBC radio interview.
The deepfake was shared widely on X, with one caption attempting to legitimise the image with the caption, “On air, Emily Maitlis raised the NatWest CEO’s salary, causing a strong reaction.”
Natwest boss among other banking figures targeted
The deepfake refers to Thwaite’s 33% increase in pay since 2024, with the NatWest boss securing a £6.6m pay package in the last year. A NatWest spokesperson told CityAM, “We’re working closely with social media platforms to remove these false images.”
“They are another reminder of criminal activity designed to defraud people – especially the vulnerable – and we encourage members of the public to stay vigilant and report any suspicious activity.”
Deepfakes are fast becoming a serious problem in the financial sector with fake videos, images, and voice recreations being used to trick employees into handing over funds and trick vulnerable people online with fake investment scams.
Vyntra’s 2026 report found that the deepfake industry has exploded into a $400 billion per year industry, with increases in AI capabilities and computing power allowing scammers to generate highly convincing deepfakes at scale.
The Bank of England governor Andrew Bailey was recently featured in a deepfake video alongside Reform UK leader Nigel Farage, with the pair depicted engaging in a fight before police pull them apart.
Bailey commented on the video, stating, “These scams are designed to criminally exploit the public, especially the vulnerable, when they are online. I would urge everyone to stay vigilant and report these scams. That way authorities can better root out digital deception like this and permanently remove the fraudsters responsible for what is a truly online scourge.”
How to stay safe
Scammers aren’t just targeting banking bosses. They’re also using the voices of the friends and family of victims in order to obtain financial information and funds from unsuspecting people.
Here is how to keep yourself safe from deepfakes on social media, phone calls, and images:
- Always be wary of emergency phone calls from friends and family, and consider establishing a safe word to be used in emergencies to verify the authenticity of a phone call
- When receiving calls from people claiming to be your bank, or any other service you use, look up the official number of the organisation and ask to be transferred to the representative who contacted you. Usually, banks or other services will never ask you to provide payment information, your passwords, or other sensitive information over the phone
- If you see an investment opportunity online, especially those that are too good to be true or offer a ‘get rich quick’ pitch, verify the authenticity of the company using the FCA register and check the details and directors of the organisation on Companies House
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benedict.collins@futurenet.com (Benedict Collins)
