Beware! SBI Alerts Public About Deepfake Videos Claiming Fake Investment Schemes Circulate Online

In a recent public caution notice, the State Bank of India (SBI) has alerted its customers and the general public about the rise of deepfake videos being circulated on social media. These fake videos falsely feature top management from State bank of India, who claim to launch or endorse certain investment schemes.

Why Is SBI Warning The Public?

SBI clarified that these deep fake videos are created to manipulate viewers into investing in these fake schemes which often promise unrealistic high returns. The bank emphasized that neither it nor its top officials support or offer such deceptive schemes. These scams exploit public trust and aim to siphon money from unsuspecting individuals.

Quoting SBI's official Twitter handle, the bank stated: "State Bank of India cautions all its customers and general public that Deepfake Videos of its Top Management are being circulated in Social Media that claim launch of or support to some investment schemes. These videos attempt to advise people to invest their money in such schemes, through use of technological tools. We clarify that SBI or any of its Top Officials do not offer or support any such investment schemes promising unrealistic or unusually high returns. Members of the public are, therefore, cautioned against engaging with and falling prey to such deepfake videos circulated over Social Media."

What Are Deepfake Videos?

Deepfake videos are created using advanced artificial intelligence (AI) technology. These videos manipulate images, voices, and footage to create highly realistic content which are completely fake. Fraudsters exploit this technology to impersonate prominent figures and institutions, making it appear as though they are promoting scams or false information. The rising usage and easy accessibility of deepfake technology is making it easier for cybercriminals to target large audiences quickly.

Deepfake scams are not only limited to financial fraud; they can also be used for spreading misinformation, influencing public opinion, and even defaming individuals or organizations. The consequences can be severe, ranging from financial loss to reputational damage.

How to Protect Yourself From Deepfake Scams

• It is very important to Verify Content Authenticity that claims to be from a top organisation. So always check SBI's official website or social media handles for accurate information.

• Always Be skeptical of any scheme offering unusually high returns in a short period.

• If or when you encounter fake videos or fraudulent schemes or any suspicious content report them to the concerned authorities.

• It is extremely crucial to stay informed and follow trusted news sources and official bank updates to avoid falling prey to such scams.

• It is strongly advised not to engage with such videos. Fraudsters are using technological tools to create convincing content, and falling for these schemes can lead to financial loss.