The Securities Commission Malaysia (SC) has issued a warning to the public about investment scams involving deepfake videos of prominent individuals and reputable companies on social media.
These deepfake videos, created using artificial intelligence (AI), mimic the voices and appearances of well-known figures to lend credibility to fraudulent investment opportunities.
In a statement, the SC emphasised the importance of vigilance when evaluating investment offers. The public is advised to ensure they do not transfer or deposit money into suspicious accounts.
The SC, with the help of Meta, the parent company of Facebook, has taken steps to remove these videos to prevent the Malaysian public from falling victim to these scams.
The SC is also collaborating with relevant authorities to take appropriate action against these scams.
The deepfake videos typically start appearing on social media platforms and are then spread across messaging apps.
These videos often feature public figures or companies to make the investment opportunities seem legitimate.
The use of AI technology allows the videos to closely resemble the voices and appearances of these figures, including lip-syncing, which makes the scams appear more convincing.
The fraudulent posts usually include a ‘Learn More’ button or link that redirects users to a sign-up page where their personal information is collected.
The SC warned that unsuspecting individuals who access these links may be asked to download an application, which could expose them to cybercrime risks.
Once signed up, potential victims are contacted by agents who deceive them into transferring money or providing further personal details.
If you received any investment offers, make sure to check and verify it using the SC Investment Checker.
