Essential Tips to Avoid AI-Powered Crypto Fraud

Coinidol.com: A sophisticated new scam is targeting the public using deepfake technology to create fake videos of prominent figures.

On September 12, an email sent to the Malaysian parliamentary office’s general complaint website contained a pornographic screenshot showing Subang MP Wong Chen and a demanding $100,000 in digital assets, as
reported.

Wong noted that officers acted professionally to avoid any additional threats. He commented:

“My officer did not click on any links or scan the QR code. We immediately reported the matter to the Subang police, who promptly assigned an inspector to investigate”.

He added that he may also raise the matter with Bank Negara Malaysia (BNM) and the Securities Commission to track the account.

Do fall for everything you see

In another case, a deepfake video featuring Malaysian Prime Minister Datuk Seri Anwar Ibrahim and President Donald Trump went viral. The video, which was
reportedly created using advanced AI technology, showed the two leaders in a fake conversation promoting an investment scheme that promised exorbitant returns. The scam, which was detected on platforms like X and TikTok before spreading to other social media and messaging apps, is part of a growing trend of AI-powered fraud.

Rising cybercrime risks, police warns

Police have identified multiple deepfake videos of politicians and corporate leaders being used to lure victims into fraudulent investment schemes. These scams often include a “Learn More” button that directs unsuspecting users to a registration page, where they are prompted to download an application that can expose them to further cybercrime risks.

The ability of these deepfake videos to accurately mimic facial expressions, lip movements, and voice intonation makes them incredibly convincing. This makes it difficult for the average person to distinguish between what is real and what is manipulated, highlighting a significant threat to public trust and national security.

How to protect yourself from deepfake scams

While celebrities and politicians have to deal with the fake photos and videos general users must remember about the threats that they might face. To protect yourself from these increasingly realistic scams, it’s crucial to be vigilant and apply a few key security practices.

Always be skeptical of videos and information that appear on social media platforms, especially if they make extraordinary claims. Even some famous and trusted resources get deceived more often today with AI-generated videos and pictures, so it is up to user to double check the information. Follow the following steps:

1. Verify the source

Before believing or sharing content, verify the information through official, reputable news sources. If a video features a public figure promoting a financial scheme, check their official social media accounts or their government’s website for any announcements. 

2. Look for inconsistencies

AI deepfake technology, while advanced, isn’t perfect. Be on the lookout for subtle inconsistencies in the video. This can include awkward or unnatural facial expressions, jerky movements, strange eye blinks, or distorted sounds. The lips may not perfectly match the words being spoken.

3. Never download unverified applications

Scammers often use a deepfake video to lead you to a fraudulent website and then trick you into downloading an app. These apps are likely malicious and are designed to steal your personal information or gain access to your devices. Always download apps only from official app stores like the Google Play Store or Apple App Store.

4. Protect your personal information

Be extremely cautious with your personal and financial information. Never share your details, such as passwords, banking information, or private keys, with anyone online. Remember that legitimate financial institutions or government bodies will never ask for this information over an unofficial channel.

5. Trust your gut

If an investment opportunity or a story seems too good to be true, it probably is, especially in on the cryptocurrency market. If you feel pressured to act quickly or are promised guaranteed, high returns, it’s a major red flag. Always take the time to do your own research and consult with a trusted financial advisor before making any decisions.