Associated Incidents
The Securities and Exchange Commission (SEC) has alerted the public that scammers have been utilizing deep fake technology to create manipulated videos and audio recordings that falsely depict Lance Gokongwei, head of the Gokongwei Group and chief executive officer JG Summit Holdings Inc., endorsing investment schemes involving cryptocurrency, forex, other digital assets.
"These deceptive materials have been circulating in social media platforms, aiming to mislead individuals into investing in non-existent or illicit ventures," the SEC said in an advisory on Friday, July 11.
The agency said the public is being deceived by the manipulated videos and audio recordings of Gokongwei into investing in an electronic platform registered in Nicosia, Cyprus.
According to the SEC, instructions are given to prospective victims to give their credit card numbers and OneTime Password (OTP) sent to their mobile phone. They would consequently lose contact with the online agent when they attempt to withdraw monies from their accounts, the SEC added.
"Consequently, the public is warned to avoid interacting with suspicious advertisements, websites, or social media accounts that claim to offer investment opportunities endorsed by popular personalities," the regulatory body said.
"To be secure, always check with SEC to confirm the legitimacy of offering, of the offeree and of the security or investment product being offered. For clarification on the advisory or to report a scam involving Deep Fake videos and audio recording, please call the Enforcement and Investor Protection Department at 88187650 and 88186047 or email us at epd@sec.gov.ph."