By Emily Fraser / 01.05.2026

Westpac’s CEO Catherine McGrath recently encountered a disturbing financial scam that utilized a deepfake image of her, showcasing the ongoing challenges in combating such frauds in today’s digital age. The incident occurred in New Zealand on April 1, leading some to mistakenly believe it was an April Fool’s joke.

According to reports, the scam aimed to mislead New Zealanders into investing in a fraudulent platform. McGrath attempted to contact Meta, the parent company of Facebook and Instagram, to have the deceptive ad removed but received no response. “If Meta won’t respond to the chief executive of Westpac, who, in New Zealand, will it respond to?” she expressed in frustration.

This situation raises critical questions about social media responsibility and its role in preventing financial scams. As deepfake technology becomes more sophisticated, the banking industry must adapt to protect consumers from these emerging threats. McGrath’s experience serves as a stark reminder that even prominent figures can be targeted by such tactics.

Colleagues of McGrath initially dismissed the deepfake as a prank due to its timing on April 1. However, the seriousness of the issue quickly became apparent as they delved deeper into the fraudulent activities associated with it.

The incident not only highlights vulnerabilities within social media platforms but also emphasizes the need for stronger collaboration between banks and tech companies to safeguard consumers’ interests. Observers now question what measures will be taken by Meta and other platforms to enhance their security protocols against such deceptive practices.