Scammers are taking advantage of new deepfake technology to create videos so convincing that people are handing over their money. This latest con looks like business magnate Elon Musk endorsing an investment plan, but the video is fake, and the investment is a scam.
How the scam works
You come across a video of Musk while scrolling through social media. Or perhaps a trusted friend sent you the video. In it, Musk talks about ways to invest in cryptocurrency and how you can make a large amount of money in no time.
This sounds like a get-rich-quick scheme, but the video looks so real. Musk is a famous business leader, so his advice must be credible, right?
Think again. The video is a fake.
Scammers used deepfake technology to create it from existing footage of Musk. If you follow the links and “invest,” you’ll lose everything.
One consumer who lost all of his bitcoin to the scam described the video he saw: “The spoofed video is an apparent live feed with many viewers and likes, and looks like a legit web broadcast. … During the video, there are constant references by the participants to coin giveaways. It makes you believe that it is very real and a limited-time offer.”
Also, watch out for more scams using similar deepfake videos.
One victim reported to BBB Scam Tracker a similar scam targeting Canadians. In this video, Musk offered “poor families a chance to become rich in a few months” by instantly turning an initial deposit of $250 (Canadian money) into $6,000.
How to prevent the scam
To protect yourself from the scam:
• Understand how deepfake technology works. It takes video clips and photos of a person and uses the imagery to create new videos and audio clips. Read more about spotting deepfakes at tinyurl.com/4kesrbhu.
• Know that celebrities are often impersonated. Politicians, actors and business leaders are often “re-created” in deepfakes. That’s because plenty of public video clips and photos of them are available. Don’t assume a celebrity video is legitimate unless you can verify it came from an official source.
• Don’t “act immediately.” Most scams involve an element of urgency. Claims that you can get rich quickly, but only if you act now, are a red flag. Never give in to pressure to invest, wire funds or give up your personal information to receive a gift, money or an investment opportunity.
• Don’t believe everything you see on social media. Never make financial decisions based on viral videos on social media. Before investing in something or donating to a charity, do plenty of research to ensure you do so through a legitimate channel.
If you’ve spotted a scam – whether or not you’ve lost money – report it to BBB Scam Tracker at tinyurl.com/4kesrbhu. Learn how to spot a scam at BBB.org/SpotAScam.
