Martin Lewis warns over ‘disgraceful’ new deepfake scam advert
British financial specialist Martin Lewis has raised awareness about a deceptive deepfake scam advertisement for an investment application, describing it as "appalling." According to him, this fraudulent scheme will inevitably result in financial losses and devastating consequences for vulnerable individuals.
The media personality expressed that individuals are employing technology in an attempt to "twist and demolish" his image with the aim of deceiving people on the internet.
According to reports, a promotional message that went around on Facebook seems to exhibit Mr. Lewis supporting an investment plan backed by Elon Musk. The promotional message purportedly includes a video of Mr. Lewis endorsing the scheme from the comfort of his own residence.
"Musk's latest endeavor presents unprecedented prospects for the people of Britain. Never before has any project offered such favorable chances to the nation's inhabitants," declares the counterfeit Mr. Lewis in the video clip.
However, the video is created by artificial intelligence, specifically using deepfake technology to mimic the appearance and voice of the specialist by utilizing pre-existing footage and audio, resulting in a convincing simulation.
"It's quite terrifying," Mr Lewis expressed to the BBC.
"These individuals are attempting to distort and ruin my image with the intention of swindling money from those who are easily influenced. To be honest, this behavior is shameful, and as a result, people will suffer financial losses and endure detrimental effects on their mental well-being."
It has been six years since we began witnessing a widespread increase in fraudulent advertisements. Five years ago, I took legal action against Facebook. Four years ago, they reached a settlement, committing to donate £3 million to charity. During this time, the online harms white paper was introduced, although it has not been enacted into law yet. About 18 months ago, Facebook agreed to include measures to combat scams in this white paper. Just yesterday, we witnessed the emergence of the first deep fake scam ad.
— Martin Lewis (@MartinSLewis) July 7th, 2023
He mentioned that this was his inaugural experience being exploited in such a deceptive video scheme.
According to Mr. Lewis, the creator of Money Saving Expert and boasting approximately 2.3 million followers on Twitter, further actions must be taken to oversee fraudulent advertisements and safeguard individuals falling prey to financial offenses.
"Numerous individuals who are at risk, as well as those who are not, are falling victim to scams within our nation, and unfortunately, no action is being taken to address this issue," he expressed.
He mentioned that there are no "appropriate" penalties for major technology companies that receive payment for displaying illegal advertisements.
The parent company of Facebook, Instagram, and WhatsApp, namely Meta, is collaborating with Stop Scams UK to assist victims and eliminate fraudulent activities right from their origin, once they are brought to Meta's attention.
The large international technology company mentioned that scammers are employing more advanced techniques to deceive individuals, which they consider to be a problem affecting the entire industry.
Meta stated to the PA news agency that they are conducting an investigation following allegations that the Martin Lewis video surfaced for Facebook users.
