PM Modi’s Deepfakes Used In New Financial Scam To Dupe Facebook Users
Scammers have found a new way to deceive people on Facebook by using deepfake technology featuring Prime Minister Narendra Modi. This financial fraud not only leads to significant individual financial losses but also poses a serious threat to national security.
The Scam Details
In this internet scam, fraudsters are manipulating deepfake videos of public figures like PM Modi to convince individuals to invest in dubious online platforms. For instance, a recent incident involved a fabricated video of PM Modi endorsing an AI-powered trading platform named ‘immediate fastx’ on Facebook.
The fake video shows the Prime Minister claiming, “In collaboration with leading financial institutions and with the support of the Ministry of Finance and Reserve Bank of India, we have launched this revolutionary platform. Despite attempts to halt the broadcast, the truth is out. Let me introduce immediate fastx, a platform boasting a remarkable 98% success rate.”
Implications and Risks
Aside from the immediate financial losses that victims face, these scams also jeopardize national security by eroding public trust and potentially fueling information warfare, as stated in a report by Athenian Tech.
Victims of this scam may initially lose Rs 21,000 with no actual returns. Moreover, scammers may further exploit collected personal data for additional fraudulent activities like unauthorized loan applications and phishing attacks.
Identifying the Scams
The report highlights some common signs of these fraudulent schemes, including generic names, artificial engagement tactics, and recycled videos across different social media platforms. Scammers often promote their schemes through paid Meta Ads and redirect users to phony websites hosted on reputable domains, where they extract personal information through fake forms.
To avoid falling victim to such scams, individuals are advised to refrain from clicking on suspicious links, verify endorsements through official channels, and report any dubious posts on social media platforms.
Remember to always remain cautious online and protect yourself from falling prey to fraudulent schemes.
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