In two recent incidents reported to the Cyber Economic and Narcotics (CEN) South police station in Bengaluru, residents have fallen victim to fraudulent schemes involving deepfake videos featuring prominent business figures. In these videos, it appeared Narayana Murthy and Mukesh Ambani were promoting investment opportunities that lured unsuspecting individuals into financial loss.
Bengaluru Residents Tricked by Fake Videos
Two separate cases have come to light: a woman from Banashankari and a retired employee, who were deceived by deepfake videos masquerading as endorsements from Narayana Murthy and Mukesh Ambani.
These videos, shared on social media platforms, showed the business tycoons discussing lucrative investment opportunities and advising viewers to participate in trading schemes promising high returns.
How Did the Scams Unfold?
In the first instance, the woman from Banashankari stumbled upon a video featuring Narayana Murthy endorsing a trading platform. Intrigued by the credibility of the video, she clicked on a link embedded within it, providing her contact details on a fraudulent website. Subsequently, she was contacted by a purported agent of the platform who convinced her to invest money with promises of substantial returns. Despite receiving a small initial payout, the woman ultimately lost a significant sum of Rs 67 lakh to the fraudsters.
The retired employee, on the other hand, fell prey to a similar scam after viewing a deepfake video of Mukesh Ambani promoting an investment opportunity. Believing in the authenticity of the video, he transferred a total of Rs 19 lakh to bank accounts provided by the scammers. Unfortunately, he received no further communication from the fraudsters, realizing too late that he had been swindled.
Exploiting Deepfake Technology for Fraudulent Activities
What is Deepfake Technology?
Deepfake technology utilizes artificial intelligence to create realistic yet fabricated videos that can manipulate the likeness and voice of individuals to make it seem like they are endorsing products or schemes. In the case of the Bengaluru scams, the fraudsters used this technology to create convincing videos featuring Narayana Murthy and Mukesh Ambani, enhancing the perceived legitimacy of their fraudulent schemes.
How Did the Fraudsters Operate?
The scammers strategically hosted the deepfake videos on various platforms, embedding links that redirected victims to fake websites resembling legitimate investment platforms. By providing small initial payouts to victims, the fraudsters instilled a false sense of trust, leading individuals to invest larger sums of money in the hopes of securing high returns. Additionally, the scammers posed as agents or representatives of the investment platforms, further reinforcing the credibility of the scams.
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