SC warns against investment scams using deepfakes

 

The Securities Commission Malaysia said the videos provide a link which could be used to deceive people into transferring money or providing further personal details.

PETALING JAYA: 

The Securities Commission Malaysia has cautioned the public on investment scams that use deepfakes generated through artificial intelligence to mimic prominent figures and feature reputable companies.

The SC said it recently discovered a number of deepfake videos on Facebook using this method. 

Perpetrators of these scams typically start by posting deepfake videos on social media platforms, which can then be disseminated across messaging apps,

 it said in a statement.

The commission said these videos would feature certain public figures or companies to lend credibility to the syndicate.

Through the use of AI technology, the video is manipulated to closely resemble the voices of these public figures, including lip-syncing, making these so-called investment opportunities appear genuine,

 it said.

The postings include a 

Learn More

 button or link, redirecting interested parties to a sign-up page that gathers all their personal information.

“Unsuspecting members of the public accessing this link will also be asked to download an application, which could expose them to cybercrime risk.

Once signed up, potential victims are contacted by agents who then deceive them by asking to transfer money or provide further personal details,

 the SC said.

It said that with the assistance of Meta, it had removed such videos to curb public access by Malaysians who may otherwise fall victim to these scams.

The SC will also work with the Malaysian Communications and Multimedia Commission and relevant authorities to take appropriate action against such investment scam activities,

 it said.

It advised the public to be vigilant in evaluating investment offers, including ensuring they do not transfer or deposit money into suspicious accounts.

Last week, Jelutong MP RSN Rayer showed the Dewan Rakyat a deepfake video featuring Prime Minister Anwar Ibrahim inviting the public to invest in shares.

The video clip used Anwar’s image along with a fake voice to encourage people to leave their personal details on a website it provided to participate in the investment. - FMT