"False Endorsements, Real Losses": AI-Enabled Financial Scams On The Rise

NDTV

2 days ago

New Delhi:
A digital risk firm has raised an alarm over the rapid rise of AI-enabled financial scams in India in a devastating report that analysed some cases, including a deep fake video of Union Finance Minister Nirmala Sitharaman in which she is seen endorsing fraudulent cryptocurrency.
The initial wave emerged with the circulation of deep fake videos featuring Google CEO Sundar Pichai, in which he was falsely portrayed as endorsing a platform called Google Invest, described as a government-supported initiative offering unusually high returns, the report titled 'False Endorsements, Real Losses' by digital risk management firm Athenian Tech said.
In its more evolved form, the fraud assumed a sophisticated disguise - a recent campaign replicated the layout and typographic style of the Times of India website to lend journalistic legitimacy to a platform named 'Go Invest' using the image of Prime Minister Narendra Modi, the report said.
Further investigations indicate the same ecosystem released a deep fake video of Ms Sitharaman, in which she appeared to be endorsing another fictitious initiative called 'InvestGPT', said the report by the company founded by Kanishk Gaur, who has led leadership roles with Deloitte, EY, and Synopsis.
The video, similar in structure to the earlier clip of Mr Pichai, used manipulated lip-sync and voice synthesis to simulate endorsement, reinforcing a now-familiar strategy that relies on public trust in institutional figures, it said.
In the 'threat analysis' section, the report highlighted the implications of such synthetic media - they create a misleading sense of legitimacy by showing trusted public figures; they blur the boundaries between authentic and manipulated communication, distorting public perception, and they inflict lasting reputational damage - even after content removal - by spreading doubt and misinformation across digital channels.
To fight this new class of digital fraud, the report recommended steps beyond domain takedowns.
"What is required is a coordinated strategy that encompasses early detection mechanisms, robust user education, media verification protocols, and stronger accountability from platforms that host such content. In an age where seeing is no longer enough to believe, vigilance must become the default posture," the report said.
It also suggested reporting the domain to CERT-In and other cyber security authorities for immediate takedown, notifying the domain registrar and hosting provider to suspend the website, blocking the URL within networks to prevent users from accessing it, raising public awareness about such scams through social media and official advisories, and monitoring for similar domains that may copy this scam to continue the fraud under new names.