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Yahoo
26-04-2025
- Business
- Yahoo
Finance execs are the new targets of deepfake videos
It's no secret that AI-generated hyper-realistic impersonations known as deepfakes have become more sophisticated. Last year, it was a wake-up call when a finance worker was duped by a fraudulent AI-digitally manipulated video featuring a deepfake of the firm's CFO ordering money transfers that cost the Hong Kong-based company millions. But now fraudsters are imitating prominent finance professionals on Instagram. In a new report, Fortune's Jim Edwards details how a video ad campaign on Instagram used a convincing deepfake of Goldman Sachs executives Abby Joseph Cohen and David Kostin. The goal was to tempt amateurs who want to get rich quickly into a stock-buying WhatsApp group. 'Abby Joseph Cohen is a legend in the world of investing,' Edwards writes. 'She was chief investment strategist at Goldman Sachs until 2008, when she moved to the bank's Global Markets Institute, before retiring from Goldman in 2021. Currently, she is a professor at Columbia Business School.' So it was most likely a surprise for retail investors to see Joseph Cohen in a video on their Instagram feed with a compelling offer: 'We have found three severely undervalued technology stocks. Join my group now to get it immediately. Anyone who owns these three stocks in the next five years can retire comfortably.' The video is fake, Edwards confirmed with Goldman Sachs, and it was seemingly generated by AI. 'There should always be caution exercised around any unverified communication purporting to come from a Goldman Sachs employee,' the bank said. And Meta, owner of Instagram, took down the video. The deepfake was so convincing even people who have met Joseph Cohen in person likely would think it was real, at least at first glance, according to Edwards. But she isn't the only financial expert who's a target. 'There is a whole raft of fake AI video chief investment officers making the rounds on social media right now,' Edwards warns. You can read the complete report here. In an era of deepfakes, cybersecurity is indeed top of mind for CFOs who are collaborating with chief information security officers to mitigate risk. A recent prediction from Deloitte's Center for Financial Services said generative AI could amplify deepfakes and enable fraud losses to reach $40 billion by 2027 in the U.S. From the workplace to social media, deepfakes are becoming more pervasive. But companies can use AI to beat fraudsters at their own game. Have a good weekend. See you on Monday. Sheryl This story was originally featured on
Express Tribune
10-04-2025
- Business
- Express Tribune
Trump faces stock manipulation charges after 90-day tariff pause
Listen to article US President Donald Trump's unexpected move to pause tariffs on most trading partners sent global markets surging on Wednesday, but also drew swift criticism from political opponents, including Senator Elizabeth Warren, who has accused the administration of market manipulation. The announcement, made less than 24 hours after Trump imposed steep new duties, was widely seen as a dramatic reversal — one that briefly cooled trade tensions and lifted investor sentiment. Global indices closed sharply higher, and the US dollar gained ground as traders recalibrated their outlook. Despite the immediate market euphoria, the policy shift has triggered a wave of scrutiny. Senator Warren has called for a formal investigation, alleging that the White House may be using tariff policy to create artificial market volatility that benefits wealthy donors and insiders. 'This smells like corruption,' Warren posted on X. 'Trump's tariff flip-flopping may have allowed insiders to cash in, while working Americans and small businesses are left paying the price.' The Massachusetts senator further argued that Trump's erratic tariff actions — including raising levies on Chinese imports to 125% while pausing them for others — have contributed to rising economic uncertainty and damaged investor confidence. Market analysts are divided on the long-term impact. Some see the tariff suspension as a welcome de-escalation in global trade tensions. Others warn that the unpredictability of U.S. trade policy under Trump continues to pose serious risks. 'This on-again, off-again approach to tariffs undermines stability,' said Sarah Lin, a trade policy analyst at the Global Markets Institute. 'It creates a climate where policy becomes impossible to predict — and markets hate unpredictability.' The White House has not commented on the allegations, but the President previously defended his tariff strategy as a necessary tool to protect U.S. industries and to pressure trading partners, particularly China. While some tariffs remain paused for 90 days, those aimed at China are set to stay in place — keeping trade tensions with Beijing high. In the meantime, markets continue to watch closely, navigating a policy landscape that shifts by the day.
