Cybersecurity company Cybertrace has issued an alarming alert regarding a remarkably realistic deepfake video showcasing Australian mining tycoon and entrepreneur, Andrew “Twiggy” Forrest.
This deceptive deepfake video has emerged on various social media platforms, depicting Forrest endorsing a fictitious cryptocurrency trading platform that lures individuals with promises of lucrative returns.
Originally surfacing on Facebook, the video encourages viewers to register for a deceitful platform, falsely asserting the capability to generate significant daily profits for everyday individuals.
These unsuspecting victims are directed to a website named “Quantum AI,” a moniker that, according to Cybertrace, is intricately linked to fraudulent schemes and financial scams.
Scammers Behind the Deep Fake Have Sales Expertise
In a statement, Cybertrace CEO Dan Halpin expressed his concerns about the potential impact of the deepfake video, highlighting the scammers’ apparent proficiency in sales tactics.
Halpin also emphasized the video’s length and repetitive content, which contributes to its convincing nature. He stated, “The video is quite lengthy and contains repetitive elements, which can make it particularly persuasive. It appears to have been crafted by an individual with a deep understanding of sales and marketing techniques.”
The deepfake manipulates Andrew “Twiggy” Forrest’s behavior and body language, utilizing footage from a “fireside chat” hosted by Rhodes Trust in October.
Cybertrace first detected the deepfake video on January 27th. In this altered video, Forrest endorses a fictitious cryptocurrency trading software, inviting viewers to become partners in what is claimed to be the world’s most advanced stock and cryptocurrency trading platform. The video promises substantial profits, irrespective of market conditions.
Andrew Forrest, renowned as a former CEO of Western Australian mining giant Fortescue Metals Group, boasts a staggering net worth of $29.4 billion.
The deepfake video concludes with Forrest urging viewers to register for the platform urgently, adding an element of time sensitivity to the fraudulent scheme.
Deepfake Fraud Sees a Surge
Cybertrace has issued a stern caution to users, urging them to exercise heightened vigilance in light of the recent surge in deepfake fraud.
Apart from Andrew “Twiggy” Forrest, several other prominent Australians, including Gina Rinehart, the nation’s wealthiest individual, entrepreneur Dick Smith, and TV host Allison Langdon, have also fallen victim to scammers who employ deepfake videos, as emphasized by Cybertrace.
Reports indicate that Lee Hsien Loong, the Prime Minister of Singapore, has taken to social media to warn his followers about the use of deepfake videos that manipulate his voice and likeness to promote cryptocurrency scams.
At one point, Loong even shared an example video where scammers had fabricated an interview with him to endorse a deceptive “hands-free crypto trading” scheme.
Loong remarked, “The use of deepfake technology for spreading misinformation is on the rise. We must remain vigilant and learn how to protect ourselves and our loved ones from such scams.”
Scammers have been employing various tactics to deceive individuals and steal their traditional currencies or digital tokens ever since cryptocurrencies emerged. In 2020, hackers compromised the accounts of notable Twitter users, including former United States President Barack Obama and President-elect Joe Biden, to promote a Bitcoin scam.