Cybertrace CEO Dan Halpin suggests that the crypto scammers are probably skilled in sales and marketing, given the “convincing” nature of the ruse.
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Cybersecurity company Cybertrace issued a cautionary alert about a “convincing” deep fake video featuring Australian mining tycoon Andrew “Twiggy” Forrest. In the video, Forrest is seen endorsing a fraudulent crypto trading platform on social media.
Fraudulent Deep Fake Video on Facebook
A deep fake video appeared on Facebook, luring users to join a fake platform promising hefty daily earnings for “regular people.” Victims are redirected to a website named “Quantum AI,” associated with scams and financial fraud, as reported by Cybertrace.
Cybertrace’s CEO, Dan Halpin, expressed worry, noting the convincing nature of the deepfake and suggesting the scammers possess sales expertise. He pointed out the video’s lengthy and repetitive content, indicating skill in sales and marketing techniques.
The fake video alters Andrew “Twiggy” Forrest’s behavior and body language from a previous “fireside chat” in October, organized by Rhodes Trust. Detected by Cybertrace on Jan. 27, the manipulated version of Forrest promotes bogus crypto trading software on Facebook.
In the modified video, Forrest invites viewers to partner with him in “the world’s smartest stock and cryptocurrency trading software,” claiming consistent daily profits ranging from $700 to $2,200 over nine months.
Deep Fake Scam Concerns Rise
Andrew “Twiggy” Forrest, a former CEO of Fortescue Metals Group, is one of Australia’s most successful entrepreneurs, with a net worth of $29.4 billion, according to Bloomberg. In a scam video, Forrest urgently encourages viewers to join a platform, raising alarms from Cybertrace amid a surge in deep fake fraud.
The proliferation of deep fakes has grabbed the attention of United States lawmakers, sparked by fake photos of Taylor Swift. U.S. Representative Joe Morelle aims to make the production of deep fake images illegal.
Cybertrace notes that other prominent Australian figures like Gina Rinehart, Dick Smith, and Allison Langdon have also been targeted by scammers creating deep fake videos.
This trend emerges as Australians reported over $2 billion (3.1 billion Australian dollars) in losses to scams in 2022, according to the country’s consumer regulator. Additionally, scams involving cryptocurrency payments totaled $148.3 million (221.3 million Australian dollars) in 2022, marking a 162.4% increase from 2021.
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