Beware of Deepfake Investment Scam Videos on Social Media, Says Securities Commission of Malaysia

The Securities Commission of Malaysia (SC) has warned the public to beware of "deepfake" investment scams.

The Malaysian regulator has identified a large number of deepfake videos disseminating on Facebook and other social media platforms, which pose a threat to the public by promoting fake investment opportunities.

Fraudsters used artificial intelligence technology to make deepfake videos that mimic the voices and lip-syncing of well-known people and companies, adding credibility to the bogus investment schemes they promote.

The buttons and links at the bottom of the video direct interested individuals to a sign-up page, or an app downloading page. Those who provide personal information to the scammersor who download the malware as instructed are at risk of becoming victims of cybercrime.

With Meta's assistance, SC removed such videos. It also plans to work with the Malaysian Communications and Multimedia Commission (MCMC) to tackle such scams.