On Friday, the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, issued a strong warning asking people to be more careful about the rising number of Bitcoin scams spreading on social media. The bank confirmed that Governor Eli Remolona, Jr. does not support any other like investment schemes or the purportedly crypto project “Tesler Code”.
Philippines Central Bank Warns Crypto Investors
The BSP’s caution underlined how sophisticated frauds are becoming, especially those using AI-manipulated films to spread false information. Many times featuring edited footage of central bank executives and other public figures, these deepfakes falsely imply their support of dishonest initiatives
The central bank recommended the people to be alert and refrain from providing personal information to dubious parties in order to fight these scams. It also urged people to check the veracity of social media posts and document any dubious behavior right away.
“The act of misrepresenting the BSP or any of its officers or units is punishing under the law,” the notification underlined.
Ayala Corporation Fell to Scam
One of the biggest corporations in the Philippines, Ayala Corporation, apparently fell prey to the same bogus ploy. Ayala last month emphasized that Jaime Augusto Zobel de Ayala, the chairman, had no connection to the “Tesler Code.” According to the corporation, scammers misled gullible investors into the fraud by claiming ties to well-known companies and famous personalities.
Ayala Corporation answered by acting forcefully against the phoney social media and web sites. The business put great effort in eliminating these misleading web presences to stop more inaccurate information from spreading.
Risks Possessed by AI and Deepfakes
Deepfake technology and artificial intelligence have let criminals design even more plausible scams. These clever strategies give false plans more credibility, therefore raising their chances to fool victims.
A cybersecurity analysis last month revealed a large deepfake effort on YouTube using manufactured Elon Musk footage. Targeting space enthusiasts ready to see a SpaceX launch, over 35 channels aired a phony footage of Musk. Encouragement of a fake high-yield cryptocurrency fraud was the aim.
The paper highlighted the rising threat deepfake technology presents for the bitcoin fraud scene. These days, fraudsters create convincing stories utilizing artificial intelligence, therefore increasing the legitimacy of their methods.
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