How AI Deepfakes Scammed Millions Into Investing in a New Trading Platform

It’s no secret that the new age of artificial intelligence has billions questioning the legitimacy of their reality, especially with the rise of deepfakes. A deepfake is a form of manipulated media, such as photos, videos, and recordings, created by AI to impersonate the likeness of an individual and endorse a variety of scams. Some deepfakes are made with the goal of promoting a product and driving sales, such as selling ineffective supplements or unnecessary gadgets, whereas other deepfakes are more aggressive, scamming individuals into giving up hundreds of thousands of dollars with no real benefit. 

One particular scam targeted a niche demographic of individuals, using the likeness of Elon Musk, the wealthiest man in the world, as the catalyst to convince thousands of cryptocurrency enthusiasts to invest in trading platforms and coin, contributing to billions in fraud losses in the United States. I personally stumbled across this deepfake on social media, a clear and concise video of Elon Musk promising a high return and matched profits, to which a link was provided for easy access. The link led to a very clean webpage, nearly indistinguishable from any reliable source.  Luckily, before making any rash decisions I ran to do further research. Upon my first google, I found that there had been numerous news reports released that morning warning consumers not engage with the posts. Unfortunately, others took the bait. Some report losing thousands to hundreds of thousands of dollars to scams such as these. One woman discussed her experience with CBS News, claiming she put more than $10,000 in an account, and that she was being provided “proof” of monthly gains, unaware that her money had already been stolen. The con of deepfakes has become more and more complex, coded to reflect reality more accurately than reality at times.

Ways to Protect Yourself from Being Scammed by AI Media

Check for unnatural speaking patterns and movements in videos. Typically, AI will have trouble emulating certain mannerisms and it will manifest into quick cuts, blurriness, or duplicates. Subtle disconnects between speaking and lip-synchs are common, as is odd pacing in sentences.

Verify the claims made through multiple trusted sources. Links provided by what may be a scam are often dupes intended to build credibility and project biases onto their target.

Question urgent call to actions or promises of overnight success. AI videos will often create fake emergencies that require immediate action, or overpromise results in order to appeal to emotion and stir an individual to act quickly and irrationally.  

What’s Next?

AI deepfakes are used not only to impersonate celebrities. Scammers will impersonate everyday people using photos and videos on social media to hunt down relatives and convince them to send them money. Other times, people will use deepfakes to make money online and post explicit content without consent, ruining lives and reputations, and demanding blackmail for the removal of posts. This is the future of deepfakes, it is your own “daughter” calling to tell you she is in debt, or your “grandson” asking for bail money. Establish safe words with your family and be conscientious about the content you post online of yourself and your children, it may just save your life and your wallet.