Deepfake Fraud Frenzy: Over 3000 Deceptive Stock Ads Target Indian Investors on Social Media: Technisanct Report

More than 600 deceitful ads have been spotted post-May 1st.

India, June 26, 2024: Technisanct, a data security firm in India, has recently voiced alarm about the sudden rise in deepfake social media adverts meant to appeal to individuals involved in stock market investment. Their research indicates that more than 600 such deceitful ads have been spotted post-May 1st, with most of them being circulated through platforms like Facebook and Instagram. These ads make use of deepfake technology creating lifelike videos showing well-known Indian personalities promoting fake investment opportunities which turn out to be fraudulent.

“We’ve recently identified a concerning trend on social media platforms such as Facebook and Instagram, where over 3000 ads have been discovered running fraudulent schemes related to the stock market. These scams cleverly use fake images of well-known stock market professionals, celebrities, and entrepreneurs to lure unsuspecting individuals. This manipulation not only undermines public trust but also poses significant risks to the financial security of individuals. It highlights a critical need for enhanced monitoring and regulatory measures on digital advertising to protect consumers from these deceptive practices.” stated Nandakishore Harikumar, CEO, of Technisanct. 

The deepfake videos typically portray nonexistent interviews or fake endorsements from company founders, public figures, celebrities or long-term investors and from people who claim to be stock market gurus. These videos are then spread across various social media platforms and phony websites to catch unsuspecting individuals using catchy phrases as well as using clickbait tactics to lure victims. Upon falling into the trap, users are steered towards fake trading platforms that present unregulated investment chances. Fraudsters also go ahead to duplicate logos of well-known regulatory bodies like SEBI in an attempt to add credibility to their schemes.

Another tactic is to trick users into clicking on ad links that redirect them to WhatsApp groups. Once inside, victims are contacted individually and promised high rewards. Technisanct’s investigation found that most of the phone numbers used by these groups originated from India. 

About Technisanct

Technisanct is a big data cyber security start-up headquartered in the US and India. The AI-powered system is built with high-level capability to identify even the smallest link in cyber threats thereby reducing the shortest gap in threat management. The company began its operations in February 2018, offering managed services in the field of digital risk management. Technisanct has been committed to addressing cyber threats, the spread of misinformation, privacy issues, and data breaches through the use of big data and artificial intelligence. Given that millions of data records are breached each year and often discovered only after considerable delays – sometimes years, there is a significant risk of damaging brand reputation and financial loss. To mitigate these risks and detect breaches as early as possible, Technisanct developed its proprietary SaaS-based AI-powered Threat Intelligence platform, Falcon Feeds.

Falcon Feeds is designed to empower clients by tackling various digital risks, providing them with the tools they need to safeguard their digital assets effectively. This platform represents a key element in Technisanct’s strategy to democratize cybersecurity access and enhance the security posture of its clients globally.

In addition to its flagship product, Technisanct is developing a new platform called Telescope, designed specifically for monitoring Telegram. This platform will track activities across more than 5000 Telegram groups, addressing use cases in brand monitoring, cybersecurity, and threat actor monitoring. Telescope is tailored to meet the needs of various stakeholders, including government bodies, enterprises, and Open Source Intelligence (OSINT) firms. This initiative highlights Technisanct’s commitment to broadening its digital monitoring capabilities and providing comprehensive solutions to its clients for navigating and managing the complexities of digital communications and cybersecurity threats.

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