DBS Group Holdings · AI used against the institution · severity 1 of 5
DBS said on 20 May 2025 that scammers were using deepfake videos of its senior leadership and staff on social media to promote investment scams that lead to phishing sites or fund transfers, updated the alert in August 2025, and issued a further alert on 8 January 2026 covering deepfakes and fake affiliate courses. In June 2026 a fabricated CNA article showing DBS chief executive Tan Su Shan striking presenter Steven Chia was spread on Facebook to promote an "AI-based" trading scheme; DBS told Mothership that scammers "used AI to create a fake news story impersonating its CEO" and that it had reported the content for removal. DBS has not disclosed any losses linked to these impersonations.
Record last reviewed Oct 21, 2026 · Markdown
Date
Institution
Country
Singapore
AI system
Deepfake videos and AI-generated images impersonating bank leaders and staff (tools not identified)
AI?
Described as AI by the institution or regulator
The institution, a regulator or a court called the system AI.
Status
Confirmed by the institution
Severity
1 of 5
Impact
No losses or victim count disclosed. · Repeated impersonation of DBS leaders and staff in social-media investment scams across 2025 and 2026.
What happened?
On its Recent Scams & Fraud page DBS posted a "Deepfake Investment Scams Alert" dated 20 May 2025 (updated 28 August 2025): "Scammers use deepfake videos of DBS senior leadership and staff to promote investment scams on social media." The bank said these could lead to phishing sites or trick people into transferring funds, and told customers to verify investment deals directly with DBS.[1]
On 8 January 2026 DBS issued a further "Deepfake Scams Alert", saying scammers were using deepfake videos of DBS staff and senior leadership, or fake affiliate courses, on social media and fake investment websites to obtain personal information or funds.[1]
In June 2026 CNA presenter Steven Chia warned that a fabricated CNA article was circulating on Facebook, claiming that DBS CEO Tan Su Shan had stormed out of an interview and leaving him with a bloody nose, and steering readers to an "AI-based automated trading system" promising S$6,000 a month. DBS told Mothership that scammers had used AI to create the fake story and that it took immediate steps to report the content for removal; CNA said the article had been removed.[2]
Singapore authorities had flagged the wider pattern: in March 2025 the Singapore Police Force, MAS and the Cyber Security Agency warned of scams in which AI is allegedly used to create deepfakes impersonating companies' senior executives. That advisory concerned corporate video-call scams generally and did not name DBS.[3]
When did it happen?
- Mar 12, 2025
SPF, MAS and CSA issue a joint advisory on deepfake executive-impersonation scams (not DBS-specific).[3]
- May 20, 2025
DBS posts a deepfake investment scams alert about videos of its senior leadership and staff.[1]
- Aug 28, 2025
DBS updates the deepfake investment scams alert.[1]
- Jan 8, 2026
DBS issues a further deepfake scams alert covering staff and leadership deepfakes and fake affiliate courses.[1]
- Jun 2026
A fake CNA article using AI imagery of DBS CEO Tan Su Shan promotes a trading scheme; DBS reports it for removal.[2]
What was the impact?
- Customers: No losses or victim count disclosed.[1][2]
- Other: Repeated impersonation of DBS leaders and staff in social-media investment scams across 2025 and 2026.[1][2]
Severity 1 of 5: Contained executive and staff impersonation aimed at the public: DBS issued warnings and reported content for removal, and no losses, victim count or regulatory action tied to these ads have been reported.
How did DBS Group Holdings respond?
DBS issued public alerts in May 2025, August 2025 and January 2026 telling customers to verify investment offers through its official channels and never to share credentials, OTPs or Digital Token approvals. On the June 2026 fake article it said it "took immediate steps to report the content for removal" and that impersonation scams using AI-generated images, videos and voices are becoming increasingly sophisticated.[1][2]
What was the outcome, and did regulators act?
Operational response only: alerts and takedown requests. No regulatory or law-enforcement action specific to the DBS impersonations has been reported as of 21 October 2026.[1][2]
Is DBS's CEO promoting an investment or trading platform?
No. DBS has warned since May 2025 that scammers use deepfake videos of its senior leadership and staff to promote investment scams, and in June 2026 it said a fake news story using AI imagery of CEO Tan Su Shan was a scam that it had reported for removal.
Did anyone lose money to the DBS deepfake scams?
DBS has not disclosed losses or a victim count linked to these impersonations, and no figures were found in press coverage as of October 2026. Its alerts say the scams can lead to phishing sites or to people transferring funds to scammers.
What does DBS advise if you see a DBS deepfake investment ad?
Treat offers that seem too good to be true as scams, verify any investment deal directly with DBS through its official hotline, website or app, never share card details, digibank credentials, OTPs or Digital Token approvals, and report suspicious content impersonating DBS.
When AI goes wrong at a bank, the next morning's brief says so.
when one of these regulators moves, the next morning's brief says so · six sourced stories · 7 am PT · free
plus every regulation, bank and agent page update, the morning after · leave any morning