BEWARE: Deepfake scams leave Aussies over $8 million out of pocket
By
VanessaC
- Replies 11
The sophisticated world of digital technology has become a double-edged sword, offering boundless information and connectivity while simultaneously giving rise to a new breed of financial predators.
Within the past year, unsuspecting Aussies have been swindled out of over $8 million through cunning schemes using deepfake technology, which manipulates videos and images to create indistinguishable dupes of celebrities and other prominent figures.
The Australian Competition and Consumer Commission (ACCC) has sounded the alarm, alerting citizens to the surge in sham news articles and deepfake videos promoting online investment trading platforms.
ACCC's Deputy Chair, Catriona Lowe, shared that Scamwatch received 400 reports in the previous year.
She also advised Australians to remain vigilant, saying: 'We are urging Australians to take their time and do their research before taking up an investment opportunity—particularly those seen on social media.'
![shutterstock_2418971539.jpg shutterstock_2418971539.jpg](https://seniorsdiscountclub.com.au/data/attachments/42/42363-721d756efb684c79a69972a30bf19b6f.jpg)
'We know of an Australian man who lost $80,000 in cryptocurrency after seeing a deepfake Elon Musk video interview on social media, clicking the link and registering his details through an online form.'
'He was provided with an account manager and an online dashboard where he could see his investment supposedly making huge returns.'
'But when he tried to withdraw the money—he was locked out of his account.'
Fake endorsements and deepfake videos often touted investment platforms using groundbreaking technologies such as artificial intelligence or quantum computing to justify impressive returns.
Quantum AI has also emerged as one of the most prolific investment trading platforms alongside other platforms such as Immediate Edge and Quantum Trade Wave, as reported to Scamwatch.
The concoction of high-tech buzzwords and the allure of celebrity backing creates a mirage of legitimacy and security in these investment opportunities.
The National Anti-Scam Centre's investment scam fusion cell, co-chaired by the ACCC and the Australian Securities and Investments Commission (ASIC), has been tirelessly working to disrupt these scams.
Their approach included notifying social media platforms for the removal of scam ads and innovatively experimenting with payment blocking to these illegitimate platforms.
'It has been encouraging to see an overall downward trend in losses reported to Scamwatch to investment scams since the establishment of the fusion cell in July 2023,' Lowe said.
'The ACCC and ASIC will continue to work together as part of the National Anti-Scam Centre's efforts to stop scammers from harming Australians.'
In recent news, renowned Australian entrepreneur Dick Smith has admitted to being momentarily deceived by a deepfake video that manipulated his own voice.
'It fooled me, I thought I was answering these questions,' he said.
Despite personally contacting the platforms to have the video removed, he claims to have seen no concrete action.
You can read more about this news here.
Have you, or someone you know, encountered deepfake scams? Share your stories and tips on how to stay safe from these scams in the comments below.
To stay updated on the latest scams, you may visit the ACCC’s Scamwatch website or read through our very own Scam Watch forum for the latest news.
Within the past year, unsuspecting Aussies have been swindled out of over $8 million through cunning schemes using deepfake technology, which manipulates videos and images to create indistinguishable dupes of celebrities and other prominent figures.
The Australian Competition and Consumer Commission (ACCC) has sounded the alarm, alerting citizens to the surge in sham news articles and deepfake videos promoting online investment trading platforms.
ACCC's Deputy Chair, Catriona Lowe, shared that Scamwatch received 400 reports in the previous year.
She also advised Australians to remain vigilant, saying: 'We are urging Australians to take their time and do their research before taking up an investment opportunity—particularly those seen on social media.'
![shutterstock_2418971539.jpg shutterstock_2418971539.jpg](https://seniorsdiscountclub.com.au/data/attachments/42/42363-721d756efb684c79a69972a30bf19b6f.jpg)
Unsuspecting Aussies lost over $8 million to deepfake investment scams within the past year. Image source: Shutterstock.
'He was provided with an account manager and an online dashboard where he could see his investment supposedly making huge returns.'
'But when he tried to withdraw the money—he was locked out of his account.'
Fake endorsements and deepfake videos often touted investment platforms using groundbreaking technologies such as artificial intelligence or quantum computing to justify impressive returns.
Quantum AI has also emerged as one of the most prolific investment trading platforms alongside other platforms such as Immediate Edge and Quantum Trade Wave, as reported to Scamwatch.
The concoction of high-tech buzzwords and the allure of celebrity backing creates a mirage of legitimacy and security in these investment opportunities.
The National Anti-Scam Centre's investment scam fusion cell, co-chaired by the ACCC and the Australian Securities and Investments Commission (ASIC), has been tirelessly working to disrupt these scams.
Their approach included notifying social media platforms for the removal of scam ads and innovatively experimenting with payment blocking to these illegitimate platforms.
'It has been encouraging to see an overall downward trend in losses reported to Scamwatch to investment scams since the establishment of the fusion cell in July 2023,' Lowe said.
'The ACCC and ASIC will continue to work together as part of the National Anti-Scam Centre's efforts to stop scammers from harming Australians.'
In recent news, renowned Australian entrepreneur Dick Smith has admitted to being momentarily deceived by a deepfake video that manipulated his own voice.
'It fooled me, I thought I was answering these questions,' he said.
Despite personally contacting the platforms to have the video removed, he claims to have seen no concrete action.
You can read more about this news here.
Key Takeaways
- Australians have lost over $8 million to scams involving online investment trading platforms, largely promoted through social media.
- The ACCC warns the public to be cautious of deepfake videos and fake news articles featuring celebrities endorsing trading platforms.
- There were 400 reports made to Scamwatch last year, with some individuals losing significant sums to these scams, including one man who lost $80,000 to a fake Elon Musk-endorsed cryptocurrency scheme.
- The National Anti-Scam Centre's investment scam fusion cell, co-led by ACCC and ASIC, has been working to disrupt these scams and has seen an overall decrease in reported losses since its establishment in July 2023.
To stay updated on the latest scams, you may visit the ACCC’s Scamwatch website or read through our very own Scam Watch forum for the latest news.