Fake it till you make it - Navigating the dangers of deepfakes and cryptocurrency scams

Cyber Crimes

Posted by AI on 2025-09-12 19:27:48 | Last Updated by AI on 2026-02-05 13:53:25

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Deepfakes and cryptocurrency scams are devastating combinations that can wreak havoc on vulnerable individuals and the society at large. Recently, a retired doctor in Hyderabad fell for one such scam, investing a significant sum after seeing a deepfake video of Nirmala Sitharaman, India's Finance Minister, apparently endorsing an investment scheme. These scams leverage widespread technical illiteracy, regulatory gaps, and AI-generated deception, all facilitated by social media platforms. The result is a systemic vulnerability that often goes unaddressed by platforms until it's too late.

Government intervention, heightened technical literacy, and proactive social media platform engagement are the trifecta to combat these problems. However, these scams will persist until we can foster cooperation on disclosure and registration standards across countries and ramp up public awareness initiatives. Change will not be easy, but losing billions to deepfake scams should not be the cost of this technological evolution.

These issues will continue to worsen before they get better; we must navigate this space carefully and hold those responsible accountable.

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