KUALA LUMPUR (July 22): The Securities Commission Malaysia (SC) on Monday warned the public of investment scams involving deepfakes of prominent people and names of reputable companies on Facebook.

The SC, with the assistance of Meta, which owns Facebook, has removed the videos in order to curb access by the Malaysian public, the regulator said in a statement. The SC will also work with relevant authorities to take appropriate action against such scams, it said.

“In addition, the public is advised to be vigilant in evaluating investment offers, including ensuring that they do not transfer or deposit money into suspicious accounts,” the SC said.

A number of deepfake videos have surfaced on Facebook. Perpetrators typically start by posting deepfake videos on social media platforms, which can then be disseminated across messaging apps.

The videos “feature” certain public figures or companies, in an apparent bid to lend credibility to their work. Created through the use of artificial intelligence, the videos contain voices that closely resemble public figures, including lip-syncing, making the purported opportunities appear genuine.

The deepfake videos typically would also promote investments purportedly offered by reputable companies.

The postings include a ‘Learn More’ button or link that redirects interested parties to a sign-up page that gathers their personal information. “Unsuspecting public accessing the link will also be asked to download an application, which could expose them to cybercrime risk,” the SC said.

Once signed up, potential victims are contacted by “agents who would then deceive them, by asking to transfer money or provide further personal details,” the regulator added.

The public is encouraged to verify investment offers through the SC Investment Checker at www.sc.com.my/investment-checker.