AI Deepfake Investment Scam Uncovered

KUALA LUMPUR – Malaysian authorities have recently exposed a sophisticated online fraud operation using AI-powered deepfake videos to lure victims into bogus investment schemes. The creation and circulation of these deceptive videos, which have been circulating on social media since last year, mark a significant evolution in cybercrime.

The Sting Operation

In an ongoing investigation by the Bukit Aman Commercial Crime Investigation Department (CCID), five deepfake videos have been identified. These videos impersonate prominent figures, including politicians and corporate leaders, to give a false sense of legitimacy. Notably, one of the most striking videos features a fabricated message from Prime Minister Datuk Seri Anwar Ibrahim alongside an altered clip of US President Donald Trump.

Other videos in this series also depict images of influential personalities, such as:

• Senior management members of PETRONAS
• Seputeh MP Teresa Kok
• Tesla CEO Elon Musk

Each video entices viewers by inviting them to join an investment scheme allegedly backed by the Malaysian government, promising returns as high as 100 times the investment. The signs of sophisticated social engineering indicate that a single syndicate is behind the production and distribution of these fraudulent clips.

How the Scam Operates

The deepfake videos come with a "Learn More" button, which redirects victims to a registration page. Here, users are required to provide sensitive personal information and are further prompted to download an application. This not only increases the risk of a direct financial scam but also exposes individuals to broader cybercrime threats.

The Securities Commission Malaysia (SC) has commented on the situation, noting that the misuse of high-profile figures’ likenesses is deliberately intended to exploit public trust. Alongside the Malaysian Communications and Multimedia Commission, the SC is actively working to remove these videos from online platforms and educate the public about the risks posed by deepfake technologies.

A Growing Concern in Cybersecurity

The rise in deepfake-based scams represents a larger trend in online fraud, where technology is misused to create highly convincing yet entirely fabricated representations of trusted figures. Cybersecurity experts warn that as technology advances, so too does the sophistication of these scams. Public awareness and caution remain the best defenses against falling prey to such deceptive tactics.

Looking Ahead

Authorities urge everyone to verify sources before engaging with online content that appears too good to be true. As artificial intelligence continues to redefine the boundaries of cybercrime, both law enforcement and private organizations are ramping up efforts to combat digital fraud and educate the public on safeguarding their personal information.

This case serves as a cautionary tale and underscores the importance of verifying digital content in an era where appearances can be as deceiving as they are digitally manipulated.