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INVESTOR ALERT: Nevada Secretary of State Francisco Aguilar warns of AI technology used to scam investors, including “deepfake” video and audio
FOR IMMEDIATE RELEASE
July 30, 2025
CONTACT: Cecilia Heston
Public Information Officer
SOSPIO@sos.nv.gov
INVESTOR ALERT: Nevada Secretary of State Francisco Aguilar warns of AI technology used to scam investors, including “deepfake” video and audio
CARSON CITY, NV – Secretary of State Francisco Aguilar is warning Nevadans of the potential for artificial intelligence (AI) technology to be used by fraudsters to scam investors. Fraudsters can use AI technology to clone voices, alter images, and even create fake videos to spread false or misleading information. AI technology might be used to impersonate a family member or friend, with the intent to convince an investor to transfer money or securities out of an investment account.
“Scammers continue to target our most vulnerable communities, particularly our older investors. Across the country, we’re seeing emerging technologies like artificial intelligence being used to prey on the victim’s emotions by impersonating a loved one and claiming they need money urgently, or by impersonating a trusted government official,” said Secretary Aguilar. “The Secretary of State’s Office is urging Nevadans to be wary of urgent requests, verify the legitimacy of the caller and report any suspected cases of fraud.”
Some scam artists are using AI-generated audio — also known as “deepfake” audio — to try to lure older investors into thinking a grandchild is in financial distress and need of money. Scammers also might use deepfake videos to imitate the CEO of a company announcing false news in an attempt to manipulate the price of a stock, or might use AI technology to produce realistic looking websites or marketing materials to promote fake investments or fraudulent schemes. In addition, bad actors may also impersonate government officials and staff from the U.S. Securities and Exchange Commission (SEC).
Steps you can take to protect yourself:
- Verify Official Government Communications: Verify that a communication from a federal, state or local agency or other regulatory body is genuine by contacting their office directly using the contact information on their website.
- You can call the SOS Securities Division: (702) 486-2440, or reach out to the SEC, the North American Securities Administrators Association (NASAA) and FINRA directly. For other agencies, be sure to independently search for contact information rather than clicking on links or calling numbers in the communication you receive.
- You can call the SOS Securities Division: (702) 486-2440, or reach out to the SEC, the North American Securities Administrators Association (NASAA) and FINRA directly. For other agencies, be sure to independently search for contact information rather than clicking on links or calling numbers in the communication you receive.
- Check Before You Invest: Fraudsters might also impersonate legitimate investment professionals — and many use phony personal websites to bolster their credibility. Individuals and companies are required to be licensed in the State of Nevada if they conduct securities business in or from the state. How to check:
- Confirm Any “Urgent” Pleas from Family and Friends: Be on the lookout for scammers using AI technology to impersonate family or friends. AI-generated tools might be able to access personal information about you online or on social media, so be wary of any unsolicited communication asking you to invest your money — even if it sounds like it was written just for you.
- Fraudsters pretending to be friends or family members in distress seek to stir up your emotions. No matter how urgent the plea — especially when accompanied by directives such as “don’t tell my ___ [parents/spouse/roommates]” — take time to independently verify the situation before agreeing to transfer money or securities out of your investment account. Consider creating a password or phrase for family members to verify their identity in case of an emergency.
- Fraudsters pretending to be friends or family members in distress seek to stir up your emotions. No matter how urgent the plea — especially when accompanied by directives such as “don’t tell my ___ [parents/spouse/roommates]” — take time to independently verify the situation before agreeing to transfer money or securities out of your investment account. Consider creating a password or phrase for family members to verify their identity in case of an emergency.
Report investment fraud here. If you think you’re a victim of investment fraud, or know someone who might be, the SOS Office encourages you to report it.
Restitution Fund for Victims of Investment Fraud: The Nevada Legislature recently passed Senate Bill 76, which creates a statewide securities restitution fund to provide financial assistance to victims of investment fraud. Learn more here.
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About the Nevada Secretary of State’s Securities Division
The SOS Securities Division is responsible for licensing broker-dealers and investment advisers, overseeing state-level securities offerings to protect consumers and investigating allegations of securities, or investment, fraud. The Division is also responsible for registering securities sold in Nevada to Nevada investors. As part of that process, the Division reviews prospective offerings of securities to ensure full and fair disclosure is being made for potential investors and that the terms of offerings are not inherently fraudulent. Those filings are made by issuers of securities here in Nevada and can now be accomplished electronically through the Electronic Filing Depository (EFD.)
The Office encourages investors to utilize free educational materials to avoid fraud with the “Nevada Investor Guide: Strategies for investing Wisely and Avoiding Financial Fraud” here. Learn more about the Securities Division here.