KUALA LUMPUR: The Securities Commission Malaysia (SC) has warned the public against investment scam tactics' use of deepfake through artificial intelligence (AI) to mimic prominent people and names of reputable companies in.
In a statement today, the regulatory agency said it recently discovered a number of deepfake videos on Facebook. It said the perpetrators of these scams typically start by posting deepfake videos on social media platforms, which can then be disseminated across messaging apps.
"These videos 'feature' certain public figures or companies, in an apparent bid to lend credibility to their work. Through the use of AI technology, the video is manipulated to closely resemble the voices of these public figures, including lip-syncing, making the so-called investment opportunities appear genuine," it said.
SC said these deepfake videos typically would also promote investments purportedly offered by reputable companies and the postings include a "Learn More" button or link which redirect interested parties to a sign-up page that gathers their personal information.
It said unsuspecting public accessing the link will also be asked to download an application to sign up.
Once signed up, victims are contacted by 'agents' who ask them to transfer money or provide further personal details.
"The SC, with the assistance of Meta, has removed such videos in order to curb access by the Malaysian public who may fall victims to these scams.In addition, the SC will also work with Malaysian Communications and Multimedia Commission (MCMC) and relevant authorities to take appropriate action against such investment scam activities," it added.
The agency also advised the public to be vigilant in evaluating investment offers, including ensuring that they do not transfer or deposit money into suspicious accounts.