Deepfake Fraud Alert: A South Korean woman lost approximately Rs 41 lakh ($50,000) owing to deepfake scam. The fraud, which involved impersonating Tesla CEO Elon Musk on Instagram shows the dangers of AI-powered fraud.
How the Scam Unfolded
The lady, Jeong Ji-sun got a friend request on Instagram from someone purporting to be Elon Musk. Initially doubtful, her worries were eased when the fraudster provided supposedly personal information, such as work photos, discussions about his children and even a fictitious visit with the South Korean president.
Deepfake Video Call and Investment Con
To further fool Jeong, the fraudster used a deepfake video of Elon Musk during a video call. The fraudster even said nice things like ‘I love you, you know that?’ to garner her trust.
Taking advantage of her love for Elon Musk, the fraudster persuaded Jeong to deposit 70 million Korean won (about Rs 41 lakh) in a reportedly profitable plan. The money was to be sent to a bank account apparently controlled by one of Musk’s Korean employees.
Lack of Legal Protection and Safeguarding Measures
However, present South Korean laws do not include measures to effectively prevent AI-driven crimes, leaving victims exposed to financial exploitation.
- Here are some tips to safeguard yourself from deepfake scams:
- Be aware about receiving unknown friend requests or texts from celebrities or prominent figures.
- Check account verification badges and search for errors in profile information.
- Never exchange personal or financial information with someone you haven’t seen in person and confirmed their identification.
- Report suspicious profiles to the social media platform right away.
By staying cautious and following these safety precautions, you may avoid falling victim to deepfake scams and other online frauds.