THE Securities Commission Malaysia (SC) has issued a stern warning to the public about a new wave of investment scams leveraging deepfake technology to impersonate prominent personalities and reputable companies.

These scams, recently discovered by the SC, involve deepfake videos posted on social media platforms such as Facebook, which are then disseminated via messaging apps.

The perpetrators use artificial intelligence to create videos that closely mimic the voices and appearances of well-known figures, making the fraudulent investment opportunities they promote appear legitimate.

These videos often feature impersonated public figures or companies to lend credibility to the scams.

Once the videos are posted, they include a “Learn More” button or link that redirects interested parties to a sign-up page, which gathers personal information.

Unsuspecting users are then asked to download an application, exposing them to cybercrime risks.

After signing up, potential victims are contacted by agents who deceive them into transferring money or providing additional personal details.

In response, the SC, with the assistance of Meta, has removed many of these videos to protect the Malaysian public.

The SC is also collaborating with the Malaysian Communications and Multimedia Commission (MCMC) and other relevant authorities to take appropriate action against these fraudulent activities.

The SC advises the public to exercise caution when evaluating investment offers, ensuring they do not transfer or deposit money into suspicious accounts.

Additionally, the public is encouraged to verify investment offers through the SC Investment Checker available at www.sc.com.my/investment-checker. — TMR