An 82-year-old retiree was scammed out of over $690,000 by digital scammers who used artificial intelligence to create deepfake videos featuring Elon Musk endorsing investment opportunities. The scammers edited a genuine interview with Mr. Musk, replacing his voice with a replica using A.I. tools that made the deception difficult to detect. Thousands of these deepfake videos flooded the internet, with Mr. Musk being the most common spokesperson, appearing in nearly a quarter of all deepfake scams since late last year.
These deepfake videos, often promoting cryptocurrency scams, cost just a few dollars to produce and can be made in minutes. They have duped many people into investing money, with one Texan losing $36,000 worth of Bitcoin after falling for a deepfake video impersonating Mr. Musk on YouTube. Platforms like Facebook and YouTube have struggled to keep up with the influx of deepfake content, with millions of channels and videos being removed for violating guidelines.
A.I.-driven cybercrime, including deepfake scams, is on the rise, prompting warnings from regulatory agencies like the Federal Trade Commission and the Federal Bureau of Investigations. Scammers from around the world, primarily in India, Russia, China, and Eastern Europe, are using cheap tools to create convincing deepfake videos that lure victims into investing money in fraudulent schemes. Older internet users, especially those who are familiar with cryptocurrency or Mr. Musk but unfamiliar with safe investment practices, are often targeted by these scams.
Experts warn that as the technology behind deepfakes continues to improve, the prevalence of these scams is likely to increase. It is essential for individuals to be vigilant and cautious when encountering investment opportunities promoted through online videos featuring prominent individuals like Elon Musk.
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