RBI Warns about Deepfake Videos of Top Officials Promoting Investment Schemes
Moneylife Digital Team 20 November 2024
Reserve Bank of India (RBI) has issued a cautionary alert regarding fake videos circulating on social media. These videos falsely depict top officials, including the RBI governor, offering financial advice or endorsing investment schemes. Created using advanced deepfake technology, these fraudulent clips falsely claim to have the central bank's backing, RBI says.
 
In a release, the banking regulator says, "It has come to the notice of the RBI that fake videos of the governor are being circulated on social media, falsely claiming RBI's involvement in investment schemes. These videos use advanced technological tools to mislead the public." 
 
RBI clarified that it does not endorse or support any specific investment schemes or provide financial advice. RBI urged the public not to trust such videos or engage with the fraudulent schemes they promote.  
 
Deepfake technology leverages artificial intelligence (AI) to fabricate highly realistic but fake images, audio or videos. Scammers exploit this technology to manipulate content, making it appear that someone is endorsing or performing actions they never did. In this instance, the central bank says these deepfake videos falsely portray the RBI governor and other officials advocating dubious investment schemes.  
 
RBI stressed that such fake videos are designed to deceive people and could lead to significant financial losses if unsuspecting individuals fall for the scams.  
 
The public is advised to remain vigilant and verify any financial advice or scheme's authenticity through official channels, the central bank says.
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