Deceptive Famous Figures Flood Audience with Misleading Advertisements
A recent online scam is drawing in unsuspecting individuals with the promise of huge returns on investment, as reported by cybersecurity provider Eset. These fraudulent videos make it appear as if prominent figures like CDU chairman Friedrich Merz, SAP co-founder Dietmar Hopp, and ARD TV experts are endorsing revolutionary investment products with massive profit potential. The deceiving video clips feature large profits with minimal investment required.
As per Eset's investigation, the scammers, suspected to be from Russia or Ukraine, utilize real news broadcasts as a foundation for their false videos. Afterward, they train their AI software using this information to generate a new video. The speakers in the deepfake videos tout a questionable investment platform known as Immediate Matrix.
Germans being mainly targeted
According to Eset, the fake videos have been circulating since May, with Germans currently being the primary focus of these attacks. Similarly, consumers in other countries such as Canada, Japan, South Africa, and the Netherlands have also been targeted by variants of these deepfakes.
Eset researcher Ondrej Novotny, who contributed to uncovering the campaign, noted that "politicians and other public figures are a rich source of materials for AI scammers." He added that there are ample images, videos, and audio recordings of these figures that can be used to fuel AI tools. The result is a well-known figure seemingly endorsing an investment strategy, promising high returns on investment.
Eset strongly discourages participating in these supposedly lucrative investment opportunities, stating that "if users fall for it, their money is lost." In some cases, victims in countries where the campaign has been active have been contacted by the scammers to intimidate and persuade them into making larger investments.
Novotny explains that even though the deepfakes in this scam have poor quality and lack proper synchronization of the lips, this does not deter the scammers because they only need a small fraction of recipients to fall for their scheme and transfer the requested amount. Therefore, it is a relatively easy way for criminals to make money with minimal investment.
Following Eset's recommendations, the cybersecurity community has urged authorities to take action against this scam. The Commission has already made a number of recommendations to protect individuals from falling victim to such deepfakes, including enhancing public awareness and implementing stricter regulations on online investments.
Recognizing the global reach of this scam, various national authorities have begun collaborating to combat this issue. The Commission is advocating for international cooperation to tackle this growing threat and ensure the safety of online users worldwide.
