In Australia, scammers are resorting to using deepfake technology to deceive individuals in elaborate schemes involving celebrities. By utilizing fabricated news articles and manipulated videos, scammers are able to create a false sense of urgency and credibility to convince unsuspecting victims to hand over large sums of money.
One such example involved fake photos of Robert Irwin, son of the late Steve Irwin, being circulated with a misleading article claiming he was involved in legal trouble over comments about a cryptocurrency trading platform. The article then enticed readers to invest $375 in the platform with promises of significant financial gains.
Authorities such as the Australian Competition and Consumer Commission (ACCC) are warning the public to exercise caution and thoroughly research any investment opportunities, especially those promoted on social media. The ACCC notes that fraudulent cryptocurrency trading platforms, particularly those claiming to incorporate artificial intelligence or other advanced technologies, are becoming increasingly prevalent in scam tactics.
In a separate incident, an Australian man lost over $50,000 in cryptocurrency after falling victim to a deepfake interview of Elon Musk on social media. Similarly, the Hong Kong Securities and Futures Commission issued a warning about a sham cryptocurrency exchange using deepfake videos of Elon Musk to attract investors.
The Federal Trade Commission (FTC) in the United States emphasizes that investment scams often originate on social media platforms, with scammers pressuring victims to pay for investments in bitcoin to cover their tracks. To avoid falling prey to crypto scams, the FTC advises individuals to be cautious of payment requests exclusively in cryptocurrency and promises of exorbitant returns on investments.
Recognizing and verifying the authenticity of images and videos through reverse image searches can help individuals identify potential deepfakes. By remaining vigilant and skeptical of investment opportunities that seem too good to be true, individuals can protect themselves from falling victim to cryptocurrency scams orchestrated through deceptive deepfake tactics.