Crypto Users Beware: Scammers Are Now Using AI Deepfakes - Are You Safe?

Scammers in the crypto and financial landscapes are gradually evolving as new information on how users can protect themselves becomes available. Since not many people can fall into the traps of basic scam attempts, fraudsters are now using emerging technologies to trap even more people.

Artificial intelligence is an emerging technology that is proving to be an effective innovation and making work much easier, but it has also come with its downsides. Currently, multiple AI models are able to make videos. The scary part about these videos is that they are gradually becoming so good that you can barely tell them apart from real ones.

Stakes Are Getting Higher

As if understanding crypto was not challenging enough for normal users, AI has come and is being used for deep fake videos. In August, Avast released a research report detailing the new methods that scammers are now using to empty crypto wallets.

In the report, Avast says that it noticed that videos had been uploaded to official and large platforms like YouTube but were altered versions of the original.

“For instance, in the case of SpaceX and Elon Musk, we have observed the misuse of videos from events such as the SpaceX All Hands 2024, the Starship Flight Test, and the Starship Update from 2022,” an excerpt from the report reads.

Apart from the general categories of videos, even sensitive crypto and finance-related videos are being altered.

“For Michael Saylor’s campaigns, the exploited videos feature titles such as “Bitcoin is Digital Energy with Michael Saylor,” “10 Rules for Life with Michael Saylor”, and “The Nature of Energy with Michael Saylor.” Other personalities targeted include Larry Fink (CEO of BlackRock), Vitalik Buterin (programmer and co-founder of Ethereum), and Bradley Garlinghouse (CEO of Ripple Labs),” the report reads.

Are You Safe?

The crypto deep fakes target well-known personalities, adding fake voices and probably even lip-syncing. In some cases, these videos are also pre-recorded and republished like live streams.

In other cases, credible live streams are being aired but with added scam-related elements like a specific background or a QR code that leads to a phishing scam or wallet drain.

“During the last major crypto campaign, we noted advancements in using deepfake technology. The videos now feature detailed shots of personalities with high-quality lip-syncing, which can easily deceive viewers into believing they are watching an official statement. Additionally, they use parts of the original background, such as large screens, to seamlessly display information related to the scam,” the report reads.

How to Stay Safe Against Deep Fakes

Verify Information:

• Cross-check sources: Always verify information by checking multiple reputable sources before accepting it as true.

• Consult experts: For critical information, such as medical or legal advice, rely on qualified professionals rather than online content.

Be Critical of Media:

• Examine details: Look for signs of manipulation, such as inconsistent lighting, unnatural facial movements, or mismatched audio and video.

• Consider the context: Be cautious about content that seems designed to provoke a strong emotional reaction or that fits an extreme narrative.

Use Technology:

• Deep fake detection tools: Leverage software designed to identify deep fakes and other manipulated content. Some tools use AI to analyze videos for signs of alteration.

• Browser extensions: Install extensions that can help identify manipulated media or flag potentially fake content.

Educate Yourself:

• Learn about deep fakes: Understand the technology behind deep fakes and how they are created. This knowledge can help you better recognize potential fakes.

• Stay informed: Keep up with the latest developments in media literacy and digital security.

Be Cautious with Personal Information:

• Protect your data: Avoid sharing sensitive personal information online that could be used to create convincing deep fakes of you.

• Use strong authentication: Employ multi-factor authentication (MFA) to protect your online accounts from unauthorized access.

Report Suspected Fakes:

• Flag suspicious content: Report potentially fake media to platform moderators or fact-checking organizations.

• Engage in community efforts: Support and contribute to initiatives aimed at combating misinformation and promoting digital literacy.