Bank Negara, SC warn against deepfake videos impersonating

Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) have issued a joint warning to the public regarding the emergence of deepfake videos that impersonate their senior officers. These synthetic media assets are being utilized to promote fraudulent private investment schemes and unauthorized financial products.

What happened

Malicious actors are leveraging deepfake technology to create convincing videos featuring senior officials from Malaysia's central bank and the Securities Commission. These videos are designed to deceive the public into participating in illegitimate investment opportunities. In response to the threat, the authorities have urged individuals who encounter such suspicious content to report it directly to the relevant social media platforms or notify the regulators to mitigate further dissemination.

To assist the public in identifying these threats, BNM has provided examples of deepfake content and impersonation tactics on its official website. Both regulators have advised citizens to consult the Financial Consumer Alert List and the Investor Alert List to identify flagged entities. Furthermore, the authorities recommend that individuals verify the legitimacy of any entity offering financial or investment products by utilizing the BNMLINK service or the SC's Investment Checker portal. The public is also encouraged to monitor the Amaran Scam Facebook page for ongoing updates regarding emerging fraudulent activities and best practices for avoiding financial scams.