CyberTrac has warned that deep fake crypto fraud reveals Aussie billionaire
Cybersecurity firm Cybertress has published a warning over a convincingly deep hoax video of Australian mining magnate and trader Andrew “Twiggy” Forrest promoting a fake crypto trading platform on social media.
The video was posted on Facebook and urged users to register on a fraudulent platform that allows “ordinary people” to make thousands of dollars every day. Potential victims were directed to a site called “Quantum AI,” which Cybertress says has become synonymous with fraud and money laundering.
Dan Halpin, chief executive of CyberTrac, told The Australian that he believes “people will be fooled by this deep lie” because the scammers appear to be trained in sales.
“The video is long and repetitive in many ways which can be very persuasive and looks like it was created by someone with sales and marketing knowledge,” he added.
CyberTruck detectives have identified a #deepfake video of Australian businessman Andrew Forrest. The original video was posted on the @rhods_trust YouTube channel. #ScamAlert #scam @FortescueNews
— Cybertrax (@cybertrax_com) January 31, 2024
The fake video is from a “fireside chat” held at the Rhodes Trust in October 2023 and attempts to manipulate Forrest's demeanor and body language.
Cybertrax said it discovered the deep hoax on Facebook on January 27, where an artificial intelligence (AI)-altered version of the billionaire was seen promoting fake crypto trading software.
“I want to give you the opportunity of a lifetime by joining my team and the world's smartest stock and cryptocurrency trading software that makes money. […] “Regardless of the market situation,” promises the AI-transformed version of Forrest.
“Just like you, he's been making ordinary people $700 to $2,200 a day for 9 months without any problems. [it’ll] Do the same to you.
Forrest is the former CEO of Western Australian mining company Fortescue Metals Group. He is one of Australia's most successful entrepreneurs, boasting a fortune of $29.4 billion, according to Bloomberg.
The spoof recording ends with Forrest urging viewers to sign up for the platform before time runs out.
CyberTrac has warned users to be more cautious amid the recent rise in AI-powered fake scams.
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In the wake of the spread of fake photos of Taylor Swift, deep-fakes have recently caught the attention of US lawmakers. U.S. Rep. Joe Morelle specifically wants to criminalize deep-pocketed counterfeiting in the country.
Australian billionaire Gina Rinehart, entrepreneur Dick Smith and TV presenter Alison Langdon have been targeted by fraudsters who create these deeply fake videos, CyberTrak has announced.
Australians will lose more than A$3.1 billion ($2 billion) to fraud in 2022, according to the country's competition and consumer watchdog.
Another $148.3 million (A$221.3 million) was lost to investment fraud using cryptocurrency as a payment method in 2022 – a 162.4% increase from 2021.
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