Beware of Fake Online Trading Platforms & Deepfake Videos

The National Anti-Scam Centre Australia warns consumers to beware of fake news articles and deepfake videos of public figures that endorse and link to online investment trading platform scams, particularly on social media. The organization shared an incident with people on its official website.

“We know of an Australian man who lost $80,000 in cryptocurrency after seeing a deepfake Elon Musk video interview on social media, clicking the link and registering his details through an online form. He was provided with an account manager and an online dashboard where he could see his investment supposedly making huge returns. But when he tried to withdraw the money – he was locked out of his account.”

According to the Authority, Last year, Australians reported losing more than $8 million to online investment trading platform scams, with 400 reports made to Scamwatch.ACCC Deputy Chair Catriona Lowe, warned public “We are urging Australians to take their time and do their research before taking up an investment opportunity – particularly those seen on social media,”

“Scammers are creating fake news articles and deepfake videos to convince people that celebrities and well-known public figures are making huge sums of money using online investment trading platforms, when in fact it is a scam.”

“These fake videos and news articles circulating on social media and video sharing platforms, often claim that the online trading platform uses artificial intelligence or other emerging technologies such as quantum computing to generate high returns for investors, but it is not true,” Ms Lowe said.

Install the WiKiFX app on your smartphone to stay updated with the latest Forex news.