Cybersecurity firm Cybertrace has raised an alarm about a highly convincing deep fake video featuring Australian mining tycoon Andrew “Twiggy” Forrest. The video, which surfaced on Facebook, falsely promotes a cryptocurrency trading platform named “Quantum AI,” luring viewers with promises of substantial daily earnings for “ordinary people.”
The deceptive video entices users to a scam website, exploiting Forrest’s reputation to lend credibility to the fraudulent scheme. Cybertrace CEO Dan Halpin expressed concerns to The Australian, noting the video’s persuasive nature, attributed to its detailed and repetitive sales pitch, likely to deceive many.
The counterfeit video manipulates Forrest’s appearance and mannerisms from a “fireside chat” hosted by Rhodes Trust in October 2023, showcasing an AI-generated version of Forrest endorsing the sham trading software. Forrest, known for his tenure as CEO of Fortescue Metals Group and his significant net worth, is depicted making unrealistic promises of wealth through the platform.
This incident adds to the growing list of deep fake frauds, prompting Cybertrace to urge the public to exercise heightened vigilance. The phenomenon has not only caught the attention of cybersecurity experts but also U.S. lawmakers, with initiatives underway to outlaw the creation of deep fake imagery following incidents involving public figures like Taylor Swift.
Scammers have also targeted other prominent Australians, including Gina Rinehart, Dick Smith, and Allison Langdon, using deep fake technology. This trend contributes to the alarming rate of scam losses in Australia, with over 3.1 billion Australian dollars reported in 2022 alone, including a significant spike in investment scams involving cryptocurrency.
The surge in sophisticated scams underscores the critical need for awareness and regulatory measures to combat the misuse of AI technology in perpetrating financial fraud and deception.
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