While scrolling through your feed, you encounter a popular actor, author, government official, or celebrity promoting an investment scheme or a platform that promises high returns. Nothing out of the blue since celebrity endorsements are common. However, the video appears glitchy, with noticeable audio-video synchronisation issues and strange facial expressions. You end up questioning the legitimacy of the post, and rightfully so.
Cybercriminals continue producing deepfakes of celebrities to advertise fraudulent investment schemes, deceiving individuals.
Let’s analyse this ongoing scam to help safeguard your savings for better and legal investment opportunities.
Modus Operandi
Deepfake Bait: Scammers stitch together altered audio and video files of well-known public figures, making it appear as though they are discussing investment opportunities. They boast about the quick returns from which they too have benefited. The video is posted as an ad or post with a clickbait caption or headline.
Fake Website or Chat: A website link or a phone number is listed in the caption and/or appears in the video. Once tapped/clicked, it takes you to a website posing as a trading platform or starts a WhatsApp or Telegram chat with a scammer.
Quick Return Promise: To hook the potential victim, the scammer shares success stories accompanied by fake screenshots of high returns on invested amounts.
Time to Invest: They share investment plans that list various amounts and returns, along with the corresponding timeline. If you agree, you are asked for your PAN card and/or Aadhaar details to activate your account. They may also charge a small amount for the same.
Initial Profit: A false profit is displayed after you make your first investment. You are then encouraged to invest a larger sum by the scammers who act as advisors.
Duped: Once the money has been transferred, the returns vanish. The scammer is likely to block you and disappear or, in reported cases, ask for a hefty fee to withdraw your funds.
Red Flags
The video is full of inconsistencies. Check carefully: Are the lip movements and audio out of sync? Do the eye blinks appear natural? Is the skin overly clear or blurry? Are facial expressions unnatural? Is the lighting or background inconsistent?
Promises of guaranteed high returns on investments, particularly within a short period.
Asking for IDs and other personal details in a chat without formal paperwork.
What To Do
Verify: Check whether the investment pitch originates from a credible channel by consulting trusted sources, including official RBI and banking websites, as well as news and fact-checking organisations. If the platform appears legitimate, ascertain whether it is registered with SEBI or RBI.
Confirm: A celebrity promoting a brand or a scheme is most likely to be shared on their official social media handles. There might also be press releases available on such collaborations.
Decline: Do not share any IDs or personal details on the chat.
Notify: If you’ve transferred any amount, alert your bank immediately so they can block or reverse the transaction.
Report: Report the incident as soon as possible through a government portal such as Chakshu (https://sancharsaathi.gov.in/sfc/) and the national cybercrime helpline number—1930. You can also report the post on the online platform where you found it.
The Quint's Scamguard initiative aims to keep up with emerging digital scams to help you stay informed and vigilant. If you've been scammed or successfully thwarted one, then tell us your story. Contact us via WhatsApp at +919999008335 or email us at myreport@thequint.com. You can also fill out the Google form and help us take your story forward.
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