Sunday, December 04, 2022

Cryptocurrency scammers turn to deep fakes to snare victims


Earlier this month, the consumer watchdog launched legal action against Facebook owner Meta for publishing scam cryptocurrency ads featuring well-known Australians, including former businessman Dick Smith, TV personality David Koch and mining magnate Andrew Forrest.

David Cook, an expert in information warfare and cybersecurity management at Edith Cowan University, has recently received reports of cryptocurrency rorts that involved scammers creating deep fakes of ordinary people.

He said these deep fakes – which use artificial intelligence and machine learning to create fake videos and images – were more convincing when they centered on regular people.

“When you target celebrities, it’s almost a theater because you will see someone say something outlandish,” he said.

“The ring of truth works for mum and dad investors because it is much more believable when it’s just an ordinary person because you don’t question that theater side of it. You just take it as that’s a person saying what they believe.”

He said the deep fake video of Miranda could be created in as little as half an hour using free online software.

Miranda, Or At Least A Fake Version, Delivers Her Money-Making Spiel.

Miranda, or at least a fake version, delivers her money-making spiel.

“Deep fakes weaponise your own imagery and your own voice against you,” he said.

The hackers are understood to have gained access to Miranda’s account by bypassing her work’s virtual private network, which was only recently updated with two-step authentication.


She believes they gleaned data of her face and voice by accessing her Microsoft teams meetings and then transformed the material into a convincing deep fake video.

While many of Miranda’s followers were suspicious of the deep fake video because the movement of her lips did not match the audio, at least one acquaintance was almost duped after they responded to the hacker.

Miranda smashed her phone with a hammer when she first discovered she had been hacked and panicked that someone had been in her house, filming her. She reported the matter to the police and the Australian Cyber ​​Security Centre.

The experience left her feeling violated, and she wants to ensure no one goes through a similar ordeal.


The Office of the eSafety Commissioner is concerned about a rise in deep fakes and said the tools being used to create these images and videos were becoming “relatively cheap, user-friendly and mainstream”.

“Deep fakes have the potential to cause significant damage,” it said in a recent position paper.

Consumer Action Law Center chief executive Gerard Brody said cryptocurrency scams had become increasingly sophisticated, and scammers had gone to great lengths to take advantage of familial ties.

“As soon as there are warnings about one type of scam, the fraudsters are able to change their modus operandi and find new ways of scamming us,” he said.

Susan McClean, a cyber security expert and 27-year veteran of Victoria Police, said only a couple of people needed to fall victim to the scam to make it worthwhile.

Victoria Police and the Australian Cyber ​​Security Center said they could not comment on individual reports due to privacy reasons.

Meta, which owns Instagram, was contacted for comment.

*Not her real name

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