A fraudulent attempt by criminals to deceive and steal money has caught the attention of personal finance expert Martin Lewis. Lewis expressed his concern regarding the video scam, which employs the use of deepfake technology to manipulate and create false footage. He called on government and regulatory bodies to take action against big tech companies that allow the dissemination of such harmful fakes, cautioning that people could suffer financial losses and endure ruined lives.
The deepfake video featuring Lewis portrays him endorsing an investment scheme supposedly initiated by billionaire Elon Musk, the founder of Tesla. Deepfake technology utilizes authentic images and sounds to fabricate convincing footage that appears genuine. In this manipulated video, Lewis can be heard stating, “Elon Musk presented his project in which he has already invested more than $3 billion. Musk’s new project opens up great investment opportunities for British citizens. No project has ever given such opportunities to residents of the country.”
This incident is not the first time Lewis has faced unauthorized use of his image in fraudulent activities. Lewis previously took legal action against Facebook in 2019 for allowing scammers to publish false advertisements featuring his likeness. As a result of an out-of-court settlement, Facebook pledged to donate £3 million to Citizens Advice Scam Action, an organization that offers individualized support to fraud victims.
Highlighting the prevalence of online scam ads and the lack of effective regulations to combat them, Lewis emphasized the urgent need for stronger legal measures and improved enforcement against criminals operating outside the European Union.
The online platform on which the deepfake scam was initially uploaded remains unclear. MoneySavingExpert has been approached for further comment.
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