AI Deepfake Scams Dupe Australians Out of $5.2 Million in 2023: Officials

Australians warned about the rise of AI deepfake scams. Scammers create fake news articles and videos featuring celebrities to deceive victims. Australians lost $5.2 million to online trading platform scams in 2023.

Credit: CFP

Australian authorities have issued a warning to the public about the rise of AI deepfake scams, which have resulted in Australians losing a staggering $5.2 million in 2023 alone. The National Anti-Scam Centre revealed that 400 individuals reported falling victim to online trading platform scams.

Catriona Lowe, deputy chair of the Australian Competition and Consumer Commission (ACCC), shed light on the modus operandi of these scams. Scammers create fake news articles and videos featuring celebrities to deceive people into believing that these well-known figures are making substantial profits through online investment trading platforms. However, in reality, it is all a scam.

One case reported to the government's Scamwatch service involved an Australian man who lost $80,000 in cryptocurrency. He had invested his money in a platform that was being promoted by billionaire Elon Musk in a deepfake video. Unfortunately, when he attempted to withdraw his funds, he found himself locked out of his account.

Lowe emphasised the importance of conducting thorough research and exercising caution before engaging in any investment opportunity, especially those seen on social media. She warned that the fake videos and news articles circulating on platforms like social media and video sharing sites often claim that the trading platforms utilize artificial intelligence or other emerging technologies to generate high returns for investors. However, these claims are false.

To combat the growing threat of investment scams, the ACCC and the Australian Securities and Investment Commission (ASIC) established the National Anti-Scam Centre's investment scam fusion cell in July 2023. Since its inception, there has been a decline in reported losses to investment scams, indicating the effectiveness of this initiative.

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• Australians warned about the rise of AI deepfake scams

• Scammers create fake news articles and videos featuring celebrities to deceive victims

• Australians lost $5.2 million to online trading platform scams in 2023

Source: CGTN