Scammers use AI-generated images of nabtrade analyst Tom Piotrowski in pump-and-dump share tips

What happened?

On 21 January 2026 NAB published a warning, headlined on its newsroom as using "AI generated images of high-profile Aussies", that criminals were impersonating well-known Australians on social media to lure people into investment scams. In one example, NAB said, criminals used images of nabtrade market analyst Tom Piotrowski to make it appear he was "endorsing" shares, which he was not and cannot legally do. NAB Executive, Group Investigations Chris Sheehan said images of Piotrowski "were shared via social media ads and via WhatsApp to deliberately deceive people".[1][2]

Sheehan described the pump-and-dump mechanism: criminals inflate the price of a small-cap stock through WhatsApp groups, paid social-media ads or fake endorsements, then sell at the inflated price, leaving ordinary investors with the losses. NAB said investment scams starting on social media and websites rose 15% in the six months to 30 December 2025 compared with the first half of 2025, and that about 70% of investment-scam losses start on a social-media platform or website.[2]

In May 2026 CommSec, Commonwealth Bank's broking arm, warned of investment scams impersonating it and falsely using the names and images of public figures including "former CommSec market analyst Tom Piotrowski", saying scammers were using deepfake images and misleading posts, mainly on Facebook, to push people into WhatsApp groups and buy specific low-liquidity shares.[3]

In July 2026 SBS News reported ASIC's warning that 16 Australians had lost more than $2.7 million in two weeks to pump-and-dump scams using impersonations of finance experts. ASIC commissioner Alan Kirkland told SBS that AI was "supercharging" such scams. Piotrowski, identified by SBS as NAB's head of market insights, said it was "heartbreaking" to see his image used.[4]

When did it happen?

1. Jan 21, 2026

   NAB warns that criminals are using AI-generated images of nabtrade's Tom Piotrowski in social-media ads and WhatsApp approaches to promote shares.[1][2]

2. May 2026

   CommSec warns of deepfake images of public figures, including its former analyst Tom Piotrowski, used to steer people into WhatsApp share-tip groups.[3]

3. Jul 17, 2026

   SBS News reports ASIC's warning that 16 Australians lost more than $2.7 million in two weeks to pump-and-dump scams impersonating finance experts; Piotrowski calls the use of his image "heartbreaking".[4]

What was the impact?

• Customers: Piotrowski said people had lost money to scams using his image; no loss figure or victim count has been attributed to this campaign.[2][4]
• Other: ASIC reported, via SBS News, that 16 Australians lost more than $2.7 million in two weeks to pump-and-dump scams impersonating finance experts generally; this figure is not specific to the Piotrowski impersonations.[2][4]

Severity 2 of 5: Limited harm: Piotrowski said people had lost money to scams using his image, but no loss figure has been attributed to this campaign and no regulatory action against the bank arises from it.

How did National Australia Bank (nabtrade) respond?

Piotrowski said: "I will never contact you directly about an investment opportunity. If you are contacted directly by 'me' on social media or via WhatsApp, it is a scam." NAB said it uses real-time payment alerts in its app and internet banking for out-of-character payments and is working with a behavioural scientist on targeted interventions; Sheehan called for a co-ordinated national approach across business, social-media companies and government.[2]

What was the outcome, and did regulators act?

NAB and CommSec issued public warnings, and ASIC warned the public about pump-and-dump scams using fake expert endorsements. No arrests, takedown figures or regulatory action specific to the Piotrowski impersonations have been reported as of 21 October 2026.[2][3][4]

1. NAB warns of investment scam trend using AI generated images of high-profile Aussies, including nabtrade's Tom Piotrowski official
   NAB News · Jan 21, 2026
   “In a recent scam example, criminals used images of nabtrade market analyst Tom Piotrowsk to make it appear he was "endorsing" shares, which he was not and cannot legally do.”
2. NAB warns of investment scam trend using images of high-profile Aussies, including nabtrade's Tom Piotrowski official
   National Australia Bank · Jan 21, 2026
   “Digital platforms use sophisticated algorithms to push content to people based on the user's search history. For example, images of Tom were shared via social media ads and via WhatsApp to deliberately deceive people.”
3. Past scam & security alerts: May 2026 - Investment scams official
   Commonwealth Bank of Australia · May 1, 2026
   “Scammers are using deepfake images and misleading posts—primarily on Facebook—to direct people to external investment sites or social media groups (namely WhatsApp chat groups) where they are then encouraged to invest in specific shares.”
4. Sixteen Australians lost $2.7 million in two weeks. It started with a stock tip news
   SBS News · Jul 17, 2026
   “"With AI, it's much easier to generate a fake endorsement video from a celebrity or from a finance expert that looks like it's the real person making a recommendation when it is in fact fake," he told SBS News.”