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Deepfake, Singapore’s Leading Cryptocurrency Dealer, Shows Rise in AI-Based Fraud – DL News
- According to a study, almost nine out of ten deepfakes involve cryptocurrencies.
- “The video is not real! » said Lee Hsein Loong.
- Law enforcement authorities are scrambling to combat deepfakes.
Lee Hsein Loong may have ended his 20-year term as Prime Minister of Singapore in May, but he is not turning his attention to promoting crypto.
Investors may have thought otherwise last week when an ad appeared on social media featuring videos of Lee selling crypto investments with guaranteed returns for a company called Quantum AI.
Lee said the videos were deepfakes that superimposed fake audio onto video of a speech he gave earlier this year.
“This is extremely concerning: people watching the video could be fooled into thinking that I actually said these words,” Lee said in a statement. Facebook post on June 2. “The video is not real!
10x increase
The episode highlights growing concerns that the cryptocurrency sector is vulnerable to artificial intelligence-powered fraud and deepfakes.
According to a study, 88% of deepfake cases occurred in the cryptocurrency sector in 2023. report from Sumsub, a verification company.
Global deepfake incidents increased 10-fold between 2022 and 2023, with North America and the Asia-Pacific region topping the list.
Fraudsters often use public figures such as Elon Musk or former Taiwanese President Tsai Ying-wen to promote questionable investments.
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Lee has long been the target of fake cryptocurrency scams.
In 2022, the Singapore Police Force warned against a rise in false articles suggesting Lee approved of investments in cryptocurrencies. The articles were used as bait to attract people to investment platforms.
Third time
This is the third time in the last year that Lee has issued a warning against scammers impersonating him. The problem is that it is becoming increasingly difficult to distinguish fact from fiction.
“AI and deepfake technology are getting better every day,” Lee said.
Even as China and South Korea attempt to ban deepfakes, law enforcement authorities are scrambling to develop and deploy technologies to identify them.
The group using Lee’s image, Quantum AI, pretends to be Musk earlier this year to hint that he is involved in the project.
Hong Kong alert
Last month, the Hong Kong Securities and Futures Commission issued a alert against the platform. Quantum AI could not be reached for comment.
Meanwhile, Lee urges investors to exercise caution amid the proliferation of deepfakes. “Remember, if something seems too good to be true, proceed with caution,” Lee said.
“If you see or receive fraudulent advertisements from me or any other Singapore public office holder promoting an investment product, do not believe them.”
Callan Quinn is DL News’ Asia correspondent based in Hong Kong. Contact us at callan@dlnews.com.