Westpac Calls Out Meta Over Rising Deepfake Scam Ads Targeting New Zealanders

Severity: Medium (Score: 57.8)

Sources: www.1news.co.nz, Mpamag, www.rnz.co.nz

Summary

Westpac NZ has criticized Meta for its inadequate response to a surge in scams on its platforms, particularly those utilizing AI-generated deepfake content. The bank reported that 64% of scams it handled in 2026 originated from social media, up from 57% the previous year. A specific incident involved a deepfake image of Westpac CEO Catherine McGrath in a fabricated confrontation with NZ First leader Winston Peters, which linked to a fraudulent investment scheme. Despite reporting the scam to Meta, Westpac noted a lack of timely action from the company, allowing similar ads to reappear. The Financial Markets Authority (FMA) has also warned about increasing deepfake scams targeting consumers. McGrath emphasized the need for Meta to enhance its fraud detection and response mechanisms. The bank's complaints highlight the financial risks posed to New Zealanders due to these scams, which Meta continues to profit from. Westpac is advocating for better verification processes for advertisers on Meta's platforms. Key Points: • 64% of scams handled by Westpac in 2026 originated from social media. • Westpac CEO Catherine McGrath was featured in a deepfake ad linked to a fraudulent scheme. • Meta has been criticized for slow responses to scam reports, allowing harmful content to persist.

Key Entities

• Phishing (attack_type)
• Kiwibank (company)
• Meta (company)
• Westpac (company)
• Westpac NZ (company)
• Meta Platforms (company)
• New Zealand (country)
• Financial (industry)
• T1566 - Phishing (mitre_attack)
• Facebook (platform)
• Instagram (platform)