Scammers Posing as State Bank of India Post Deepfake Videos to Promote Fake Investment Schemes

State Bank of India (SBI) has issued a Public Caution Notice to alert financial consumers and the general public to the “deepfake” scam videos circulating on social media.

In these scam videos, the fraudsters falsely claim that the SBI has partnered with the Indian government and multinational corporations to launch an investment platform based on artificial intelligence technology that can bring in unusually high profits.

The scammers promise that the platform is endorsed by the SBI and has cutting-edge AI technology that can bring in huge profits. But this is a lie.

SBI denies any involvement in such investment schemes. It said, "These videos misuse technology to create false narratives and deceive people into making financial commitments in fraudulent schemes. We clarify that SBI does not endorse any such schemes that promise unrealistic or unusually high returns."

SBI reminds the public to verify the authenticity of the information through official channels and not to deal with such face-swapping videos to avoid becoming victims.

"All our customers and the public at large are advised to verify information from our official website, official social media handles or from any of our nearest branch. Do not engage with or fall prey to such deep-fake videos," SBI cautioned.

Misuse of Artificial Intelligence technology has made investment scams more serious.

Scammers often exploit the images of celebrities, politicians, and other prominent figures to create the illusion of legitimate investment opportunities. They deceive victims by promising lucrative returns, using the credibility of these well-known individuals to gain their trust.

Believing in the integrity of public figures, victims confidently hand over their funds, expecting substantial profits. Unfortunately, they fail to earn any returns and become victims of fraud, losing their savings to these unscrupulous scammers.