AI Deep Fake Crypto Fraudsters Improve Jobs in Q2: Gen Digital
Crypto fraudsters using deep fake videos powered by artificial intelligence will become active in the second quarter of 2024, according to software company Jane Digital, the company behind Norton, Avast and Avira antivirus.
In Jane Digital's quarterly report, the company highlighted that they were targeting a group called “CryptoCore”, which used an AI-powered deep fake scam to defraud crypto holders.
The group offers fake crypto investments and uses official videos of celebrities like Elon Musk, Michael Saylor, Vitalik Buterin and Larry Fink. It replaces the audio with AI-generated sounds or mixes unofficial material with official footage to carry out its spoofing.
Elements of a scam have been added to Ethereum founder Vitalik Buterin's official footage. Source: Avast
General Digital says the crime syndicate distributes the videos on social media platforms such as YouTube, X and TikTok. The fraudsters use hacked social media accounts with large followings before broadcasting live broadcasts promoting their scams.
Cybercriminals continue to expand their toolkits.
Cybercriminals are expanding their toolkits with various uses of AI to bolster their attacks, said General Digital's chief technology officer Sigi Stephenson. The executive said fraudsters are highly skilled at manipulating their target's minds, including choice, love or financial well-being. Stephenson said:
“Now with AI and other new technologies, their schemes are more sophisticated and persuasive than ever. We urge consumers to be aware and beware.
The company also reported that an AI deepfake team they called Cryptocore made millions from their attacks. In the last quarter, General Digital lost $5 million in crypto through this attack vector.
General Digital estimated that 50 YouTube accounts were hacked during SpaceX's coordinated flight test in June. This cyber attack resulted in 500 unauthorized transactions resulting in the theft of $1.4 million.
Related: McAfee AI Introduces Deep Fraud Detection Software for PCs
Commonly used topics include SpaceX and MicroStrategy
In August, anti-virus software company Avast took a deep dive into the cryptocurrency, using an AI-powered deep-fake scam to find some of the most used topics include SpaceX, MicroStrategy, Ripple, Tesla, BlackRock and Cardano.
Most popular topics of top YouTube accounts. Source: Avast
He found that scammers can now perform high-quality lip-syncing, tricking viewers into thinking they're watching official commercials from celebrities.
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