Description: Scammers used AI to create deepfake videos of Elon Musk promoting fraudulent investment opportunities. Over time, these scams have reportedly led to billions in investor losses. The deepfakes also use voice cloning technology. They have been distributed on social media and YouTube. In particular, they target the elderly, such as 82-year-old Steve Beauchamp, to invest significant sums. Despite efforts by platforms to remove these videos, the scams continue to proliferate.
Entities
View all entitiesAlleged: Unknown deepfake technology developers developed an AI system deployed by Unknown deepfake creators and Unknown scammers, which harmed Elderly investors , Cryptocurrency users , Online investors , social media users , Retirees seeking investment opportunities , Steve Beauchamp and Elon Musk.
Incident Stats
Risk Subdomain
A further 23 subdomains create an accessible and understandable classification of hazards and harms associated with AI
4.3. Fraud, scams, and targeted manipulation
Risk Domain
The Domain Taxonomy of AI Risks classifies risks into seven AI risk domains: (1) Discrimination & toxicity, (2) Privacy & security, (3) Misinformation, (4) Malicious actors & misuse, (5) Human-computer interaction, (6) Socioeconomic & environmental harms, and (7) AI system safety, failures & limitations.
- Malicious Actors & Misuse
Entity
Which, if any, entity is presented as the main cause of the risk
Human
Timing
The stage in the AI lifecycle at which the risk is presented as occurring
Post-deployment
Intent
Whether the risk is presented as occurring as an expected or unexpected outcome from pursuing a goal
Intentional
Incident Reports
Reports Timeline
All Steve Beauchamp wanted was money for his family. And he thought Elon Musk could help.
Mr. Beauchamp, an 82-year-old retiree, saw a video late last year of Mr. Musk endorsing a radical investment opportunity that promised rapid returns. …
She first saw the ad on Facebook. And then again on TikTok. After seeing what appeared to be Elon Musk offering an investment opportunity over and over again, Heidi Swan figured it had to be true.
"Looked just like Elon Musk, sounded just …
Variants
A "variant" is an AI incident similar to a known case—it has the same causes, harms, and AI system. Instead of listing it separately, we group it under the first reported incident. Unlike other incidents, variants do not need to have been reported outside the AIID. Learn more from the research paper.
Seen something similar?