- NatWest boss depicted in deepfake image widely shared online
- Image was ‘designed to defraud people’, says Natwest
- Deepfake images and videos of banking figures are increasingly common
NatWest boss Paul Thwaite is the latest in a string of banking figures to be the subject of an AI-powered social media scam.
Thwaite, the NatWest chief executive, was shown in a doctored photo with journalist Emily Maitlis in an image designed to imitate a BBC radio interview.
The deepfake was widely shared on
Natwest boss among other banking sector figures targeted
The deepfake refers to Thwaite’s 33% pay rise since 2024, with the NatWest boss securing a £6.6m pay package last year. A NatWest spokesperson said VilleAM“We are working closely with social media platforms to remove these false images.”
“They are another reminder of criminal activity aimed at defrauding people – particularly the most vulnerable – and we encourage members of the public to remain vigilant and report any suspicious activity.”
Deepfakes are quickly becoming a serious problem in the financial sector, with fake videos, images and voice reproductions used to trick employees into handing over funds and tricking vulnerable people online with fake investment scams.
Vyntra’s 2026 report reveals that the deepfakes industry has exploded into a $400 billion-a-year industry, with increases in AI capabilities and computing power allowing scammers to generate highly convincing deepfakes at scale.
Bank of England Governor Andrew Bailey was recently featured in a deepfake video alongside British reform leader Nigel Farage, with the two men shown fighting before police separated them.
Bailey commented on the video, saying: “These scams are designed to criminally exploit the public, especially the most vulnerable, when they are online. I urge everyone to remain vigilant and report these scams. This way, authorities can better stamp out digital deception like this and permanently eliminate the fraudsters responsible for what is truly an online scourge.”
How to stay safe
Fraudsters do not only target bosses in the banking sector. They also use the voices of victims’ friends and families to obtain financial information and funds from unsuspecting people.
Here’s how to protect yourself against 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 use in an emergency to verify the authenticity of a phone call.
- When you receive calls from people claiming to be your bank or other service you use, find the organization’s official number and ask to be transferred to the representative who contacted you. Typically, banks or other services will never ask you to provide payment information, passwords, or other sensitive information over the phone.
- If you see an investment opportunity online, particularly ones that are too good to be true or offer a ‘get rich quick’ pitch, check the authenticity of the company using the FCA register and check the details and directors of the organization on Companies House.
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