AI Deepfake Musk Scams U.S. Senior Out of $700,000

Thousands of AI-generated fake ads featuring Elon Musk have surfaced, leading to billions in fraud. A U.S. retiree lost nearly $700,000.

On August 16, according to a report by The New York Times on the 14th, thousands of false advertisements featuring an AI-generated version of Elon Musk surfaced, leading to fraudulent activities that have resulted in billions of dollars in losses.

The report highlighted the case of an 82-year-old retiree named Steve Beauchamp. Seeking financial stability for his family, Steve believed that Musk could help him achieve his goal.

Late last year, he encountered a video where an “AI Musk” endorsed a high-risk investment opportunity, promising quick returns. Steve contacted the company behind the ad and initially opened an account with a $248 deposit.

Over the course of several weeks, Steve was persuaded to invest all of his retirement savings, ultimately losing more than $690,000  to the scam.

The fraudsters behind these schemes use AI to manipulate real interviews of Musk, replicating his voice and facial expressions to create convincing fake advertisements.

The production cost of these AI-generated videos is minimal, often just a few dollars, and can be completed in a matter of minutes.

For the average viewer, these fakes are difficult to detect because the AI can accurately mimic Musk’s distinct tone and South African accent.

According to the report, in recent months, thousands of AI-generated fake videos have flooded the internet.

The AI version of Musk featured in these videos has successfully deceived numerous potential investors by blurring the lines between reality and fiction.

Deloitte estimates that AI-driven deepfake content could lead to billions of dollars in fraudulent losses each year.

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AI Deepfake Musk Scams U.S. Senior Out of $700,000

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