Natwest boss becomes latest City figure caught in AI social media scam
The boss of Natwest has become the latest City figure to be depicted in an AI scam across social media.
Paul Thwaite – the chief executive of the FTSE 100 bank – was posted on X alongside journalist Emily Maitlis in a deepfake picture attempting to create a BBC radio interview.
The picture was shared by multiple accounts, with one caption reading: “On air, Emily Maitlis raised the NatWest CEO’s salary, causing a strong reaction.”
Thwaite banked £6.6m in the last year – a 33 per cent increase on his pay packet in 2024.
A spokesperson for Natwest said: “We’re working closely with social media platforms to remove these false images.
“They are another reminder of criminal activity designed to defraud people – especially the vulnerable – and we encourage members of the public to stay vigilant and report any suspicious activity.”
Bank of England fires back at deepfakes
The latest slew of deepfake images follows the Bank of England making a strong intervention after governor Andrew Bailey was depicted in a fight with Reform UK leader Nigel Farage.
The video showed the two men pulled apart by police officers, with one showing Farage even holding a gun.
“Unfortunately, fake adverts impersonating the Bank of England and other central banks are on the rise,” Bailey said.
“These scams are designed to criminally exploit the public, especially the vulnerable, when they are online. I would urge everyone to stay vigilant and report these scams. That way authorities can better root out digital deception like this and permanently remove the fraudsters responsible for what is a truly online scourge.”
Farage also spoke out on the “bizarre AI videos” stating while he and Bailey had “disagreements” he would “never take it that far”.
The UK’s Online Safety Act contains rules that aim to curtail the spread of deepfake media through requiring tech platforms to tackle fraudulent advertising. But these measures do not come into force until next year.
Earlier this year, the UK’s media watchdog opened an investigation into Elon Musk’s X to determine whether the platform has done enough to protect Brits from explicit deepfakes generated by its Grok AI.
Ofcom pointed to “deeply concerning reports of the Grok AI chatbot account on X being used to create and share undressed images of people”.
If X is found to be in violation of media law, Ofcom could hit the firm with a substantial fine of up to as much as 10 per cent of the social media firm’s revenue or £18m, depending on which number is bigger.
The investigation is still ongoing.