Deep Fake Video Featuring Australian Billionaire Andrew Forrest Promotes Crypto Scam

Cybersecurity firm Cybertrace has issued a warning about a "convincing" deep fake video featuring Australian mining magnate and businessman Andrew "Twiggy" Forrest. The deep fake video shows Forrest promoting a fake crypto trading platform on social media.

The deep fake video in question surfaced on Facebook, encouraging users to sign up for a fraudulent platform that claims to enable "ordinary people" to earn thousands of dollars daily. Victims who fall for the scam are directed to a website named "Quantum AI," a name associated with scams and financial fraud, according to Cybertrace.

CEO of Cybertrace, Dan Halpin, expressed concern that people may be fooled by this deep fake, noting that the scammers behind it appear to be well-versed in sales and marketing. He mentioned that the video is lengthy and somewhat repetitive, which can make it convincing. The deep fake seems to have been created by someone with knowledge of sales and marketing tactics.

In the video, the AI-altered version of Andrew Forrest attempts to manipulate his behavior and body language based on a "fireside chat" Forrest conducted with Rhodes Trust in October. The altered video shows Forrest promoting a fake crypto trading software, claiming it can make ordinary people significant profits regardless of market conditions.

Forrest, a former CEO of Western Australian mining company Fortescue Metals Group, is one of Australia's most successful entrepreneurs with a net worth of $29.4 billion, according to Bloomberg.

The deep fake video concludes with Forrest urging viewers to sign up for the platform before it's too late.

Cybertrace has cautioned users to exercise caution due to the recent increase in deep fake fraud. The trend of impersonating high-profile Australian business figures and politicians through deep fake videos has been on the rise, with scammers targeting individuals like Gina Rinehart, Dick Smith, and Allison Langdon.

This surge in deep fake fraud coincides with reports of Australians losing over $2 billion (3.1 billion Australian dollars) to scams in 2022, according to the country's competition and consumer regulator. Additionally, $148.3 million (221.3 million Australian dollars) was lost to investment scams involving cryptocurrency as the payment method in 2022, representing a 162.4% increase from the previous year.