Cybertrace CEO Dan Halpin Raises Alarm on Deep Fake Crypto Scam Featuring Andrew Forrest.
Cybersecurity company Cybertrace has issued an alert regarding a deep fake video scam circulating on social media. The video features a highly realistic deep fake of Andrew “Twiggy” Forrest, an Australian mining tycoon, endorsing a fraudulent cryptocurrency trading platform. The scam video, which surfaced on Facebook, entices viewers to join a so-called lucrative trading platform named “Quantum AI,” which Cybertrace identifies as having numerous scams.
Dan Halpin, the CEO of Cybertrace, expressed concern to The Australian, stating, “people will be fooled by this deepfake,” emphasizing the scammers’ apparent expertise in sales tactics. “The video is extensive and somewhat repetitive, which can be very convincing, and seems to be crafted by individuals skilled in sales and marketing,” Halpin elaborated.
The deceptive video manipulates Forrest’s appearance and mannerisms from a “fireside chat” event held by Rhodes Trust in October 2023. Discovered by Cybertrace on Facebook on January 27, the AI-manipulated video of Forrest promotes a non-existent crypto trading software, promising viewers daily profits ranging from $700 to $2,200 for nine months without fail.
According to Bloomberg, Andrew Forrest, the ex-CEO of Fortescue Metals Group and one of Australia’s wealthiest entrepreneurs with a net worth of $29.4 billion, is the latest high-profile individual to be impersonated in a deep fake scam.
A screenshot of the deep fake video of Andrew Forrest. Source: YouTube
Cybertrace’s warning highlights the growing concern over AI deep fake fraud, especially as the scam video ends with the fake Forrest urging immediate sign-up to the bogus platform. This scam is part of a broader trend of using deep fake technology to impersonate well-known Australian figures, including Gina Rinehart, Dick Smith, and TV host Allison Langdon, as noted by Cybertrace.
This surge in deep fake impersonations coincides with Australians reporting losses of over 3.1 billion Australian dollars ($2 billion) to scams in 2022, per the country’s consumer regulator. Specifically, $148.3 million (221.3 million Australian dollars) was lost to investment scams involving cryptocurrencies in 2022, marking a 162.4% increase from the previous year.
