The Department of Telecommunications (DoT) has joined the National Stock Exchange in cautioning investors about the risks associated with deepfake videos and images. This warning comes amidst the increasing threat of deepfakes being exploited to manipulate stock prices and perpetrate fraudulent activities. The DoT has issued an advisory to citizens, alerting them to be wary of fraudulent advertisements related to the stock market, trading, and free tips circulated on social media platforms.
The cautionary message sent by the DoT to a Vodafone subscriber emphasizes vigilance against deceptive promotions on social media platforms. The message underscores the potential use of deepfake technology in creating misleading content aimed at manipulating individuals through greed. Recent incidents have revealed a surge in frauds facilitated by deepfake videos, prompting regulatory bodies to heighten awareness and vigilance among investors.
For instance, the National Stock Exchange (NSE) recently issued a warning after discovering instances where the face and voice of CEO Ashishkumar Chauhan were falsely depicted in investment and stock advisory videos. These fraudulent videos utilized sophisticated techniques to mimic Chauhan’s voice and facial expressions, creating a false impression of endorsement or recommendation by NSE officials. The exchange clarified that its representatives are not authorized to endorse or engage in stock-related activities and initiated efforts to have such misleading videos removed from social media platforms.
