SEC Issues Warning on Deepfake Investment Scams in Philippines
These scams, utilising AI-generated deepfakes, are deceiving investors, and the SEC is struggling to combat them due to the difficulty in discerning genuine content.
SEC Chairperson Emilio B. Aquino highlighted the difficulty, stating, “Everything is fake. It’s very difficult to discern if it is true or not.”
He emphasised that the scammers’ primary goal is to steal money.
Emilio Aquino stated that the most tangible lead for investigators is tracing the bank accounts or digital wallets used to receive funds, as all other elements, such as fabricated faces and promises, are fake.
The SEC is also collaborating with online platforms to track these fraudulent transactions.
“We have to find out. That’s why we are talking to all these online, digital portals. That’s the only way. So far, that is the only thing we can do,” Emilio Aquino said.
To raise public awareness, the SEC of the Philippines continues to issue advisories warning against potential deepfake-related scams. The Department of Information and Communications Technology (DICT), led by Secretary Ivan John Uy, is also assisting the SEC by providing technical expertise to identify deepfakes and collaborating with organisations like Scam Watch.
The Gokongwei Group recently issued an advisory warning of increasingly sophisticated scams using AI-generated deepfakes, urging the public to exercise caution when encountering investment opportunities supposedly endorsed by well-known figures.
They advised vigilance when scrutinising online content and encouraged reporting suspicious activity to platforms like Meta.
This issue has also drawn the attention of prominent figures like tycoon Ramon Ang, who recently called for action against deepfake scams after discovering a fake sponsored post using an old interview of him.
He urged the public to be aware of these types of scams.
