The Securities Commission Malaysia (SC) yesterday cautioned the public on investment scams using deepfakes created through artificial intelligence (AI) to mimic prominent people and names of reputable companies.

In a statement, the SC said perpetrators tricked their victims via 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,” the capital market regulator said.

The SC said typically, these deepfake videos would also promote investments purportedly offered by reputable companies.

It said the posts include a “Learn More” button or link, redirecting interested parties to a sign-up page that gathers their personal information.

“Unsuspecting members of the public accessing the link will also be asked to download an application, which could expose them to cybercrime risk.

“Once signed up, potential victims are contacted by agents who then deceive them by asking to transfer money or provide further personal details,” it added.

The SC, with the assistance of Meta, has removed such videos to protect the Malaysian public who may fall for these scams.

The agency said it would also work with the Malaysian Communications and Multimedia Commission and relevant authorities to take appropriate action against such scammers.

“In addition, the public is advised to be vigilant in evaluating investment offers, including ensuring that they do not transfer or deposit money into suspicious accounts,” the SC said.

- Bernama

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