Red flags to recognise AI-assisted Ponzi scheme adverts online

These fabricated success stories are designed to replace real customer experiences that the scammers do not have.

Our earlier investigation exposed how a YouTube advertisement targeting Nigerians was launched in June 2025. The video showed a man dressed in a shirt and an overused false ‘African accent’, encouraging people to join Quantum AI, another AI-powered Ponzi platform. Looking at how the man in the video looks like a real human, some people may not know it is AI.

2. Manipulated endorsements from well-known figures

Another common tactic is the cloning of respected public figures to falsely promote investment platforms. Through AI, scammers replicate the face and voice of pastors, entrepreneurs, media personalities or influencers, making it appear as though these individuals are recommending the scheme. This creates instant trust among viewers who recognise the figure, even though the endorsement is completely fake and unauthorised.

An earlier investigation by The ICIR shows how AI-generated videos of public figures like 2023 presidential candidate of the Labour Party, Peter Obi, and Nigerian lawmaker Saliu Mustapha were used to promote Ponzi scams.

In the AI-generated video, the voice of Mustapha, a popular philanthropist in Nigeria, was cloned to appear as if he had said the scheme has an AI-powered analytical function, which allows it to predict trends, and subscribers could invest N395,000 to earn N1,580,000 per week.

While Obi was purportedly telling people to invest in a Ponzi platform and earn a sum of “N7 million” every month. The former LP presidential candidate reportedly stated that the investment platform was created with his backing and the support of the federal government. However, findings by The ICIR show that neither video is genuine.

3. Promises of guaranteed extremely high Returns

AI-driven Ponzi adverts consistently promote unrealistic profits, often claiming that investors can double their money quickly or earn a fixed daily income without risk. These promises contradict the realities of legitimate investing, where returns fluctuate, and losses are possible. The certainty of profit is deliberately used to remove doubt and attract people who may be financially desperate.

For instance, CBEX, which wiped out the money of many people in Nigeria, promised a 100 per cent return on investment in just thirty days.

4. Confusing or Vague Explanations of How Profits Are Made

Rather than clearly explaining business operations, Ponzi schemes rely on buzzwords related to artificial intelligence, cryptocurrency or automated trading systems. The explanations are often overly technical or intentionally unclear, making it difficult for potential investors to understand where money actually comes from.

This lack of transparency helps hide the fact that profits are usually paid from new participants’ deposits.

5. Strong emphasis on referrals

Participants are frequently encouraged to invite others to earn more money. The focus shifts away from any real product or service and toward building a network of new investors. This structure ensures that funds flow from newcomers to earlier participants, which is the classic Ponzi model that inevitably collapses when recruitment slows.

For instance, MMM and CBEX offered 10 per cent referral bonuses before their collapse. To maximise these bonuses, participants often register multiple accounts for themselves using their referral links.

6. Pressure tactics

Many adverts are scripted to make people feel they must act immediately. They often suggest that the opportunity is about to close or that only a few slots remain, pushing viewers to invest quickly without researching. This emotional pressure is a common scam technique designed to prevent careful thinking.

7. Suspicious social media accounts or websites

These adverts are usually posted from newly created pages or profiles with little history. The accounts or websites often display repetitive praise comments that look automated or fake.

Genuine investment companies typically have established online presence, clear contact information and verifiable reviews, while scam pages disappear once the scheme collapses.

8. Requests for Payments through unofficial or hard-to-trace channels

Instead of using recognised financial institutions or registered corporate accounts, scammers often ask victims to send money directly to personal accounts, digital wallets or other informal payment methods. This makes it extremely difficult to recover funds once the scheme shuts down, allowing fraudsters to disappear without a trace.

9. Absence of regulatory approval or legal registration

Most Ponzi schemes operate without authorisation from financial regulators such as Nigeria’s Securities and Exchange Commission. When asked for proof of legitimacy, promoters may avoid the question or present questionable documents.

Legitimate investment firms are always properly registered and transparent about their regulatory status.

This story was supported by the Pulitzer Centre

You can read the earlier investigation on AI-assisted Ponzi schemes here.