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

Source: https://www.bankingnewsai.com/ai-incidents/nab-2026-piotrowski-ai-investment-scam
Last updated: Oct 21, 2026

National Australia Bank (nabtrade) · AI used against the institution · severity 2 of 5

National Australia Bank warned on 21 January 2026 that criminals were using AI-generated images of Tom Piotrowski, head of market insights at its nabtrade share-trading arm, to make it appear he was endorsing shares, which he was not and cannot legally do. NAB said the images were spread through social-media ads and WhatsApp as part of pump-and-dump schemes. Piotrowski said it was devastating that people had lost money to scams using his image and that he never contacts anyone directly about an investment. Commonwealth Bank's CommSec, his former employer, separately warned in May 2026 of deepfake images of him. In July 2026 ASIC told SBS News that 16 Australians had lost more than $2.7 million in two weeks to pump-and-dump scams impersonating finance experts; no figure was attributed to this campaign.

## Key facts

|  |  |
| --- | --- |
| Date | Jan 21, 2026 |
| Institution | National Australia Bank (nabtrade) |
| Country | Australia |
| AI system | AI-generated images of a named bank analyst used in social-media ads and WhatsApp share-tip groups |
| AI? | Described as AI by the institution or regulator — The institution, a regulator or a court called the system AI. |
| Category | Brand impersonation (AI used against the institution) |
| Status | Confirmed by the institution |
| 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. |

## 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]

## Timeline

- 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]
- 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]
- 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.
- 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]

## 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?

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]

## FAQ

### Is Tom Piotrowski really recommending shares on WhatsApp or Facebook?

No. NAB said in January 2026 that criminals used AI-generated images of the nabtrade analyst to make it look as though he was endorsing shares, which he was not and cannot legally do. Piotrowski said any direct approach from 'him' on social media or WhatsApp is a scam.

### Was AI used in the Tom Piotrowski scam?

Yes, according to the banks. NAB's newsroom described the images as AI-generated, and CommSec's May 2026 alert said scammers were using deepfake images of public figures, including Piotrowski, to push people into WhatsApp share-tip groups.

### How much money was lost to the Piotrowski pump-and-dump scams?

No figure has been attributed to this campaign. Piotrowski said people had lost money to scams using his image. Separately, ASIC told SBS News in July 2026 that 16 Australians lost more than $2.7 million in two weeks to pump-and-dump scams impersonating finance experts generally.

### What is NAB doing about investment scams using fake endorsements?

NAB said it sends real-time payment alerts in its app and internet banking when a payment looks out of character or carries scam red flags, is working with a behavioural scientist on targeted interventions, and called for a co-ordinated national approach with social-media companies and government.

## Sources

1. [NAB warns of investment scam trend using AI generated images of high-profile Aussies, including nabtrade's Tom Piotrowski](https://news.nab.com.au/tag/scams-cybersecurity/nab-warns-of-investment-scam-trend-using-ai-generated-images-of-) — NAB News, Jan 21, 2026 (official): "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](https://www.nab.com.au/news/personal-finance/investment-scam-ai-images-high-profile-aussies) — National Australia Bank, Jan 21, 2026 (official): "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](https://www.commbank.com.au/support/security/latest-scams-and-security-alerts/past-alerts.html) — Commonwealth Bank of Australia, May 1, 2026 (official): "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](https://www.sbs.com.au/news/article/pump-and-dump-scam-australians-lose-millions-stock-tip/bmacv9th6) — SBS News, Jul 17, 2026 (news): ""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."

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