Beware of celebrity deepfake investment scams online
Celebrity deepfake investment scams are on the rise in Australia, and pose a serious threat to Australians wanting to get involved in online investment trading.
In 2023, Australians reported losses exceeding $8 million to scams linked to online investment platforms, with Scamwatch receiving over 400 complaints from affected individuals.
With the increase of online investing, the NSW Government urges people to be aware of celebrity deepfake scams related to online investments.
Celebrity deepfake investment scams usually depict a well-known or trusted figure from the media or finance sector promoting an investment that seems too good to be true or is a one-time offer.
Deepfake investment scams are found across various online platforms, including social media networks and communication channels like email, news websites or messaging services.
Scammers have begun to exploit advanced technology such as artificial intelligence (AI) to create convincing videos or audio clips, aiming to deceive individuals into investing in fake investment opportunities.
Tips to stay safe from deepfake investment scams
Look for time sensitive claims and unusual facial expressions and audio in online content
When coming across a scam investment opportunity ad or news articles, there are red flags to look out for:
- Time sensitive wording such as, “one time offer” and to “invest now”. The opportunity is “low risk and high reward”.
- It is only for a small group of people or followers
- The trading platform has made significant profits for the celebrity.
- Strange facial expressions or movements in the video or out of sync audio and mouth movements, this is an indicator the material was made with AI and is a deepfake.
Verify the investment opportunity before acting
It can be hard to know what a real investment is when trading online. There are some steps that you can take to verify if an investment opportunity is legitimate:
- Consult ASIC’s investor alert list to stay informed about potential fraudulent investments the 'celebrity’ is promoting.
- Use ASIC’s check before you invest page to verify the legitimacy of the company or individual offering the investment.
- For further guidance on identifying investment scams, visit ASIC’s Moneysmart website.
Requests for personal information
When trading online, you are often required to share personal information through the trading platform or app to verify your identity and act in accordance with various regulations.
If the trading platform is fraudulent, your personal information could be used by scammers to open a bank account, get a credit card, apply for a passport or conduct illegal activity.
To prevent sharing your personal information with the wrong person:
- Cross-reference ASIC’s professional register to ensure the licensee is authorized to provide services.
- Independently verify contact details on AFCA’s financial firm's directory to confirm the legitimacy of the entity or the investment opportunity.
- Check for consistency between the website domain and contact details shared with you against those listed on official directories.
Responding to a deepfake investment scam
Contact your bank immediately
If you think you may have fallen victim to a deepfake investment scam, contact your bank immediately. The best chance of recovering your funds is when action is taken as soon as possible, your bank can also implement security measures to your accounts.
Report the scam to ReportCyber
If you have lost money or provided personal information to a potential scammer, contact ReportCyber to officially report the scam. This report will be referred directly to relevant law enforcement department.
Report the scam to Scamwatch
If you were not impacted by the scam, contact Scamwatch to report the scam. This report will help Scamwatch learn more about scammers' activities in Australia and helps them design new and better ways to stop them whilst also informing communities about emerging scams.
Report the scam to the social media platform
Always report scam posts or comments to the social media platform. Your report helps the social media platform disrupt scams, monitor trends and warn others about new and emerging scams.
Contact ID Support NSW for identity protection
Seek identity remediation assistance and advice from ID Support NSW, ID Support NSW advisors can assist with credit blocks and other identity protection measures for impacted individuals.
Contact Lifeline for crisis support
For crisis support to help with emotional distress about scams, contact Lifeline on 13 11 14 or access support via online chat. Being scammed can be a stressful experience, there are support services ready to help you.