NatWest Group (NWG) chief executive Paul Thwaite has become the latest prominent City figure to be impersonated in an AI-generated deepfake scam circulating on social media.
Thwaite was depicted alongside journalist Emily Maitlis in a fabricated image designed to resemble a BBC radio interview, posted across multiple accounts on X.
One caption accompanying the image read: “On air, Emily Maitlis raised the NatWest CEO’s salary, causing a strong reaction.”
Thwaite received total pay of £6.6m over the last year, representing a 33 per cent increase on his 2024 pay package.
A NatWest spokesperson said: “We’re working closely with social media platforms to remove these false images.”
The spokesperson added: “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.”
The incident follows a series of similar deepfakes involving Bank of England governor Andrew Bailey, who was depicted in a fabricated video appearing to brawl with Reform UK leader Nigel Farage.
The video showed the two men being pulled apart by police officers, with one version appearing to show Farage holding a gun.
Bailey responded strongly, saying: “Unfortunately, fake adverts impersonating the Bank of England and other central banks are on the rise.”
The governor added: “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.”
Farage also addressed the videos, describing them as “bizarre AI videos” and stating that while he and Bailey had “disagreements” he would “never take it that far.”
The UK’s Online Safety Act contains provisions requiring tech platforms to tackle fraudulent advertising, though the relevant measures are not yet in force.
Ofcom, the UK’s media watchdog, has opened a separate investigation into Elon Musk’s X platform over whether it has done enough to protect users from explicit deepfakes generated by its Grok AI tool.
Ofcom pointed to “deeply concerning reports of the Grok AI chatbot account on X being used to create and share undressed images of people.”
Should X be found in violation of media law, Ofcom could impose a fine of up to 10 per cent of the platform’s global revenue or £18m, whichever is the greater sum.