Overview of the Deepfake Video Scam
Cybersecurity firm Cybertrace has raised concerns over an alarming deepfake video involving Australian entrepreneur Andrew “Twiggy” Forrest. The fabricated video circulating on social media features Forrest endorsing a fake cryptocurrency trading platform that promises significant returns. Initially shared on Facebook, the video lures unsuspecting users to a deceptive website named “Quantum AI,” associated with fraudulent activities according to Cybertrace.
“The deepfake video is designed to mislead individuals by leveraging the scammers’ sales expertise,” stated Cybertrace CEO Dan Halpin. Halpin highlighted the video’s length and repetitive content, contributing to its realistic portrayal. The deepfake manipulates Forrest’s gestures and speech, utilizing snippets from a previous public appearance.
Repercussions of Deepfake Fraud
Cybertrace discovered the altered video on January 27, depicting a falsified version of Forrest promoting a non-existent cryptocurrency trading system. In the video, the fabricated Forrest invites viewers to participate in an alleged lucrative partnership involving advanced trading software, ensuring profits irrespective of market fluctuations. Forrest, renowned for his success in the mining industry, emphasizes urgency for viewers to join the platform swiftly.
In response to the escalating threat of deepfake scams, Cybertrace advises vigilance among users. Notable Australian figures like Gina Rinehart, Dick Smith, and Allison Langdon have also fallen victim to similar deepfake schemes, as reported by Cybertrace. Similarly, Singaporean Prime Minister Lee Hsien Loong cautioned the public about manipulated videos exploiting his likeness to endorse cryptocurrency frauds.
“The use of deepfake technology for spreading misinformation is a growing concern,” cautioned Prime Minister Lee Hsien Loong.
Scammers continue to exploit evolving technologies to perpetrate financial fraud. Notably, in 2020, hackers hijacked the social media accounts of prominent figures like Barack Obama and Joe Biden to promote illicit Bitcoin schemes, underscoring the persistent threat posed by cybercriminals.
