In a recent advisory, the Securities and Exchange Commission (SEC) has warned the public of a growing trend in fraudulent investment schemes using artificial intelligence. The Commission disclosed that scammers are leveraging deep fake technology to create manipulated videos and audio clips of public figures, including JG Summit Holdings Inc. President and CEO Lance Gokongwei, to falsely promote dubious investment platforms.
“These deceptive materials have been circulating on social media platforms, aiming to mislead individuals into investing in non-existent or illicit ventures,” the SEC said.
According to the Commission, many victims are lured into these schemes under the impression that known personalities are legitimately endorsing cryptocurrency, forex, or other digital asset investments. In some cases, the scams instruct individuals to provide sensitive information such as their credit card numbers and One-Time Passwords (OTP), ultimately resulting in financial loss. Once a victim attempts to withdraw funds, the supposed “agent” disappears.
Red Flags to Watch Out For:
- Suspicious investment offers involving digital assets and crypto
- Endorsements using doctored videos or audio of known personalities
- Requests for OTPs and credit card information
- Platforms registered in offshore locations like Cyprus
What the Public Should Do
The SEC strongly advises the public to avoid interacting with unverified investment offers, websites, or social media pages that claim endorsements from celebrities or business leaders.
“To be secure, always check with the SEC to confirm the legitimacy of the offering, of the offeree, and of the security or investment product being offered,” the Commission said.
For questions or to report scams involving deep fake videos and manipulated endorsements, you may contact the Enforcement and Investor Protection Department through: (02) 8818-7650 or (02) 8818-6047 or Email: epd@sec.gov.ph
Stay vigilant, stay informed.
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