DoT warns investors against deepfake threats following NSE caution

After the National Stock Exchange, the Department of Telecommunications (DoT) has cautioned investors against deepfake videos and images, amid growing threat of deepfakes being used to manipulate stock prices and frauds. It has issued a warning to citizens regarding fraudulent advertisements of stock market, trading, free tips on social media apps.

“Beware of fraudulent advertisements of stock market, trading, free tips on social media apps!! They may use deepfake videos and images. Never fall prey to greed, “reads a message sent by DoT to a Vodafone subscriber.

In the recent past there has been growing incidence of frauds using deepfake videos by fraudsters.

For example, last week, the NSE issued the warning after observing that the face and voice of CEO Ashishkumar Chauhan was being falsely used in some investment and stock advisory videos.”Such videos seem to have been created using sophisticated technologies to imitate the voice and facial expressions of Ashishkumar Chauhan,” the NSE said. The exchange said its officials were not authorised to recommend or deal in any stocks. It said it was making efforts requesting these platforms (social media) to take down such videos, wherever possible. Tribune India