Deepfake AI scam wave: Exploiting billionaire Elon Musk

There have been many lessons learned from scams using deepfake technology.

The rapid development of artificial intelligence (AI) has revolutionized every aspect of life, from shopping, banking, driving, searching the Internet, to creating and consuming content, etc. Although enhancing user experience and being extremely flexible in many applications, chatbots and algorithms have 'paved the way' for new, more sophisticated and dangerous social engineering attacks, in both personal and business life.

Deepfake AI scam wave: Exploiting billionaire Elon Musk Picture 1 Deepfake AI scam wave: Exploiting billionaire Elon Musk Picture 1

Deepfakes that leverage AI are posing a major risk to Internet users. (Illustration photo)

A deepfake attack happens every 5 minutes.

According to the Identity Fraud report, security firm Kaspersky said that by 2025, a deepfake attack will occur every 5 minutes on average. The World Economic Forum predicts that by 2026, up to 90% of online content could be generated using AI.

"At first glance, many people may think that the main targets of deepfake and AI phishing attacks are celebrities or high-profile figures. However, the main targets and motives remain the same as in previous scams," Kaspersky said.

Phishing is a form of Internet fraud that attempts to trick victims into revealing login credentials or bank card details. It can target both individuals and businesses and can be carried out on a large scale or individually, Kaspersky warns.

Phishing messages often pretend to be from banks, service providers, electronic payment systems, or other organizations. In cases of targeted phishing, the scammer may even impersonate someone the victim knows.

Phishing messages used to be sketchy, error-filled, and unconvincing. But now, large language models (LLMs) allow attackers to create personalized messages and web pages that deliver convincing messages, with correct grammar, logical structure, and smooth paragraphs.

Deepfake audio

Audio deepfakes are technologies that use artificial intelligence to create audio clips that mimic someone else's voice. With just a few seconds of voice recording, AI can create audio that looks exactly like the voice of someone you know, such as a friend or relative.

A real-world example: An attacker takes over your account on a messaging app, then uses snippets of your voice messages in the chat to create fake recordings of your voice. They can send these messages to your friends or family, asking for urgent money transfers or providing sensitive information.

Voice fakes can even be used in scams targeting individuals, as well as in attacks on banks that use voice authentication systems.

Deepfake video

Attackers can also use AI to create fake videos from just a single photo. If you think this is something that only happens in sci-fi movies with complex CGI technology that requires deep knowledge of computer science, you will be surprised when you read on.

With just a few basic tutorials, you can easily use complex software to swap faces in videos, synchronize lip movements, tweak AI-generated errors, and add voices to characters.

With these tools at their disposal, attackers can devise seemingly impossible schemes, such as creating fake ads, making fraudulent calls, or even hosting live video calls, impersonating a trusted associate or loved one. These actions cause serious financial loss to victims.

Classic scams

There have been many lessons learned from deepfake scams. For example, a victim was 'trapped' after receiving a notification that they had been selected by Elon Musk to invest in a new project and invited to an online meeting. At the appointed time, a deepfake of Elon Musk presented details of the project to a group of attendees, then called for financial contributions.

Deepfakes have also been used to create fake ads that are spread across multiple platforms, featuring famous figures, such as global actors or politicians. For example, a deepfake video was circulated with a fake image of Canadian Prime Minister Justin Trudeau promoting an investment plan.

Another example is AI romantic scams, in which deepfakes are used to create fictional characters that interact with victims over video calls. After gaining the victim's trust, the scammer then asks for money to cover emergencies, travel expenses, or loans. A group of more than two dozen people involved in such scams were recently arrested after they stole $46 million from victims in Taiwan, Singapore, and India.