# Deepfakes of Westpac NZ and Kiwibank chief executives used in Facebook investment-scam ads Source: https://www.bankingnewsai.com/ai-incidents/westpac-nz-2026-bank-ceo-deepfake-scam-ads Last updated: Oct 21, 2026 Westpac New Zealand and Kiwibank · AI used against the institution · severity 1 of 5 In April 2026 New Zealand's Financial Markets Authority (FMA) warned that scammers were using AI to create deepfake images and videos of public figures, including Kiwibank chief executive Steve Jurkovich and Westpac NZ chief executive Catherine McGrath, in fake news articles and Meta ads that steered people to fraudulent trading platforms. The FMA said it found 110 such ads on Meta sites in one 24-hour period. Kiwibank issued a release in which Jurkovich said, "If you see my name promoting an investment, it's a scam." McGrath said a deepfake image of her clashing with NZ First leader Winston Peters kept reappearing on Facebook for weeks after Westpac reported it, and accused Meta of being "missing in action". No losses tied to these ads have been disclosed. ## Key facts | | | | --- | --- | | Date | Apr 2026 (disclosed Apr 8, 2026) | | Institution | Westpac New Zealand and Kiwibank | | Country | New Zealand | | AI system | AI-generated deepfake images and videos of bank chief executives in fake news articles and Meta ads | | 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 | 1 of 5 — An impersonation lure flagged by the regulator and disowned by both banks; no losses tied to the deepfakes of the two chief executives have been disclosed and no enforcement followed. | ## What happened? On 8 April 2026 the FMA warned of a significant increase in ads, fake news articles and fake investment-platform websites using prominent New Zealanders. Its manager of regulatory services, Samantha McGuire, said the scammers were "using artificial intelligence to create deepfake images and videos featuring likenesses of politicians and business leaders", and named Winston Peters, Kiwibank chief executive Steve Jurkovich and Westpac chief executive Catherine McGrath among those impersonated. The fake articles carried the logos of RNZ, TVNZ and the NZ Herald. [1][3] Per the FMA, the articles directed users to sites that collected their contact details; scammers then called them posing as brokers and moved them onto fake platforms with an initial deposit of around US$250, showed them manipulated profits, and demanded fees when they tried to withdraw. The FMA identified 110 ads linked to the scam on Meta sites in one 24-hour period and had flagged more than 190 fake trading-platform websites for removal since the start of March 2026. [1] Kiwibank said scammers had impersonated Jurkovich in fake social-media ads and news stories to promote a fraudulent investment platform. One fake article shown by the FMA claimed an "anti-crisis financial platform" was backed by Jurkovich. [1][2][4] On 23 April 2026 McGrath told RNZ that she had learned from colleagues that an AI-generated deepfake image showing her clashing with Peters was circulating and linking through to an investment scam. She said Westpac tried four routes to contact Meta and never got a response, and that the ad was eventually pulled, possibly because of the FMA's involvement. In a statement reported by 1News, she said different versions of the ad "continued to pop up in Facebook feeds for weeks" after Westpac reported it. [5][6] ## Timeline - Mar 2026 — The FMA begins flagging fake trading-platform websites linked to the scam; more than 190 are flagged by early April. [1] - Apr 8, 2026 — The FMA warns that AI deepfakes of Steve Jurkovich, Catherine McGrath and Winston Peters are being used in fake news articles and Meta ads. [1][3] - Apr 8, 2026 — Kiwibank warns customers that ads using Jurkovich's name or image to promote investments are scams. [2][4] - Apr 23, 2026 — Westpac NZ publicly calls on Meta to act faster, saying the deepfake ad of McGrath reappeared for weeks after it was reported. [5][6] ## What was the impact? - Customers: No losses tied to the deepfakes of the two bank chief executives disclosed - Other: The likenesses of the chief executives of two New Zealand banks were used to steer social-media users to fake trading platforms; the FMA counted 110 linked ads on Meta sites in one 24-hour period across the whole campaign. Westpac said 64% of the scam cases it had handled so far in 2026 originated on social media, a figure not specific to these ads. [1][6] ## How did Westpac New Zealand and Kiwibank respond? Kiwibank's chief executive Steve Jurkovich said: "I am not associated with any investment platform using my name or image. If you see my name promoting an investment, it's a scam." Westpac NZ's chief executive Catherine McGrath said Meta "is not responding quickly or seriously enough to this sort of harmful content and it's putting New Zealanders' money at risk", and called for faster takedowns, verification of financial-services advertisers and a direct reporting channel for banks' financial-crime teams. [2][5][6] ## What was the outcome? The FMA issued a public warning and flagged fake trading-platform websites for removal. McGrath said the ad featuring her was eventually pulled but that Westpac had received no communication from Meta. No enforcement action specific to the deepfakes of the two chief executives has been reported. [1][5] ## FAQ ### Did the Westpac and Kiwibank chief executives endorse an investment platform? No. New Zealand's Financial Markets Authority said deepfakes of Kiwibank's Steve Jurkovich and Westpac's Catherine McGrath were used in fake articles and ads in April 2026, and Jurkovich said that any investment promoted using his name is a scam. ### Was AI used to make the Westpac and Kiwibank scam ads? Yes, according to the regulator. The FMA said the scammers were using artificial intelligence to create deepfake images and videos of politicians and business leaders, and RNZ described the McGrath image as an AI-generated deepfake. ### Was any money lost to the bank CEO deepfake ads in New Zealand? No losses tied specifically to the Jurkovich or McGrath deepfakes have been disclosed. The FMA described how the wider scam takes deposits of around US$250 and never returns money, but it did not publish a loss figure for this campaign. ### What did Westpac ask Meta to do about deepfake scam ads? Westpac NZ asked Meta to invest more in detecting scam content before publication, act faster on reports and tell users what happened, verify financial-services advertisers, and set up a direct channel for banks' financial-crime teams to report validated scams. ## Sources 1. [FMA warns of fraudulent trading platforms using fake news articles to entice investors](https://www.fma.govt.nz/news/all-releases/media-releases/platforms-using-fake-news-articles/) — Financial Markets Authority (New Zealand), Apr 8, 2026 (official): "Individuals impersonated using deepfakes include Rt Hon Winston Peters, Kiwibank CEO, Steve Jurkovich and Westpac CEO, Catherine McGrath." 2. [“If you see my name promoting an investment, it’s a scam” — Kiwibank Chief Executive](https://www.kiwibank.co.nz/about-us/news-and-updates/media-releases/if-you-see-my-name-promoting-an-investment-its-a-scam-kiwibank-chief-executive/) — Kiwibank, Apr 8, 2026 (official): "I am not associated with any investment platform using my name or image. If you see my name promoting an investment, it’s a scam." 3. [Consumers warned of increase in scams using fake news articles](https://www.rnz.co.nz/news/business/591754/consumers-warned-of-increase-in-scams-using-fake-news-articles) — RNZ, Apr 8, 2026 (news) 4. [Kiwibank CEO warns after investment scam ads misuse his identity](https://www.mpamag.com/nz/news/general/kiwibank-ceo-warns-after-investment-scam-ads-misuse-his-identity/571015) — MPA NZ, Apr 8, 2026 (news) 5. [AI-generated Westpac boss used in scam ads on Facebook](https://www.rnz.co.nz/news/crime-and-justice/593171/ai-generated-westpac-boss-used-in-scam-ads-on-facebook) — RNZ, Apr 23, 2026 (news): "An AI-generated 'deepfake' image portraying Westpac chief executive Catherine McGrath clashing with NZ First leader Winston Peters has been circulating on social media in recent weeks." 6. [Meta 'missing in action' over social media, deep fake scams - Westpac](https://www.1news.co.nz/2026/04/23/meta-missing-in-action-over-social-media-deep-fake-scams-westpac/) — 1News, Apr 23, 2026 (news): "“Even after we reported the scam ad to Meta, different versions of it continued to pop up in Facebook feeds for weeks.”" All AI incidents at banks: https://www.bankingnewsai.com/ai-incidents --- Canonical page: https://www.bankingnewsai.com/ai-incidents/westpac-nz-2026-bank-ceo-deepfake-scam-ads Part of [BankingNewsAI](https://www.bankingnewsai.com/) — the register of AI incidents at banks: https://www.bankingnewsai.com/ai-incidents. Markdown versions of every reference page: append `.md` to the page URL; index at https://www.bankingnewsai.com/llms.txt.