New York Attorney General Letitia James recently issued an investor alert, warning residents about investment scams using AI-manipulated videos, or deepfakes, intended to deceive potential investors.
The Office of the Attorney General received complaints about videos featuring fake endorsements from celebrities and public figures, including Warren Buffett and Elon Musk, designed to lure people into fraudulent investment schemes.
Scammers use AI tools to alter existing videos of well-known figures, making it appear as though they are promoting investment opportunities. The videos are appearing in social media feeds, digital ads and messaging apps. One such video found on X, formerly Twitter, featured a deepfake of businessman and investor Buffett. In the AI-generated video, Buffet appears to promote a “Bitcoin giveaway” while directing viewers to a related website.