Introduction
Bengaluru has recently experienced a troubling increase in cyber fraud incidents involving deepfake videos. These videos exploit the likenesses of prominent Indian businessmen, such as Narayana Murthy and Mukesh Ambani [2] [5] [6] [7] [8] [9], to promote fraudulent investment schemes, resulting in significant financial losses for victims [9].
Description
Bengaluru has recently faced a concerning surge in cyber fraud involving deepfake videos that exploit the likenesses of prominent Indian businessmen Narayana Murthy and Mukesh Ambani. These manipulated media portray the tycoons endorsing fraudulent investment opportunities, leading to significant financial losses for victims [6]. Reports indicate that two individuals have collectively lost approximately Rs 95 lakh.
In one notable case, Veena K G [3], a 57-year-old resident from Banashankari, encountered a deepfake video on Facebook that falsely showcased Narayana Murthy promoting a high-return trading platform. Believing the video to be genuine [6] [9], she provided her contact details on a fraudulent website and was subsequently persuaded by a scam agent to invest Rs 1.4 lakh [6]. After receiving a small payout of Rs 8,000 [9], she was convinced to invest an additional Rs 6.7 lakh. Ultimately, she lost a staggering total of Rs 67 lakh when the scammers requested further payments without delivering any additional returns. In a disturbing twist, she also fell victim to another fraudulent scheme advertised on Instagram, where she was misled into paying a tax on her earnings before the scammers cut off communication.
In a separate incident, Asok Kumar T S [3], a 63-year-old retired employee from Rajapura, lost Rs 19 lakh over four months after being deceived by deepfake videos featuring both Murthy and Ambani endorsing a fraudulent platform. Trusting the authenticity of these endorsements, he transferred funds to the scammers but soon lost contact and realized he had been duped.
Authorities suspect that the fraudsters misused videos intended for legitimate business meetings to deceive unsuspecting individuals [8]. These incidents underscore the alarming trend of fraudsters employing sophisticated deepfake technology to create realistic videos that manipulate the likeness and voice of well-known figures, enhancing the perceived legitimacy of their scams. The videos were strategically shared on social media [6], often with embedded links directing victims to fake investment platforms [6]. By initially providing small payouts [5] [6], the scammers fostered a false sense of trust [6], encouraging victims to invest larger sums [6] [7] [9]. Narayana Murthy has previously warned the public about trading platforms misusing his identity [4], emphasizing that he does not endorse such ventures. He expressed concern over fake news on social media claiming he had endorsed automated trading applications [4], highlighting the prevalence of deceptive websites and fabricated interviews [4].
As these online scams rise [1], particularly targeting older individuals [1], authorities are advising caution and encouraging families to educate elderly relatives about the risks of unverified financial advice and investment groups on platforms like WhatsApp [1]. Police officials have registered two cases at the Cyber Economic and Narcotics South police station and stressed the critical need for vigilance, urging the public to verify information before engaging with online content [7], particularly posts featuring prominent figures endorsing investment opportunities [3].
Conclusion
The rise of deepfake technology in cyber fraud poses significant challenges, particularly for older individuals who may be more susceptible to such scams. It is crucial for authorities to enhance public awareness and education on the risks associated with unverified online content. Families should actively engage in discussions with elderly relatives about the dangers of fraudulent investment schemes. As technology continues to evolve, ongoing vigilance and proactive measures are essential to mitigate the impact of these sophisticated scams and protect potential victims from financial harm.
References
[1] https://www.livemint.com/technology/tech-news/from-fake-stocks-to-deepfakes-cybercriminals-target-elderly-in-rising-indian-online-scam-wave-11730802803279.html
[2] https://newskarnataka.com/karnataka/bengaluru/bengaluru-residents-lose-%E2%82%B995-lakh-to-cyber-fraud-linked-to-fake-celebrity-videos/05112024/
[3] https://indianexpress.com/article/cities/bangalore/deepfake-videos-narayana-murthy-mukesh-ambani-bengaluru-trading-scam-9654607/
[4] https://www.dnaindia.com/viral/report-two-fall-prey-to-narayana-murthy-and-mukesh-ambani-deepfake-videos-in-bengaluru-lose-rs-80-lakh-report-3116384
[5] https://www.digit.in/news/general/bengaluru-residents-lose-rs-95-lakh-after-trusting-deepfake-videos-of-mukesh-ambani-and-narayana-murthy.html
[6] https://startuppedia.in/trending/trending/two-fall-prey-to-deepfake-videos-of-murthy-ambani-loses-rs-95-l-7388995
[7] https://www.isss.org.uk/news/bengaluru-residents-lose-rs-95-lakh-after-trusting-deepfake-videos-of-mukesh-ambani-and-narayana-murthy/
[8] https://www.thehansindia.com/bengaluru/two-bengaluru-residents-lose-95-lakh-to-cyber-fraudsters-919324
[9] https://www.theoligo.com/bengaluru-residents-fall-victim-to-deepfake-scams-lose-rs-95-lakh/
