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> Mr. Beauchamp, an 82-year-old retiree, saw a video late last year of Mr. Musk endorsing a radical investment opportunity that promised rapid returns. He conta

> Mr. Beauchamp, an 82-year-old retiree, saw a video late last year of Mr. Musk endorsing a radical investment opportunity that promised rapid returns. He contacted the company behind the pitch and opened an account for $248. Through a series of transactions over several weeks, Mr. Beauchamp drained his retirement account, ultimately investing more than $690,000. I understand that the AI deepfakes are quite realistic, but this behavior doesn't make sense even if the video was actually authentic. Dumping your entire retirement savings into a random investment because a celebrity told you to in a YouTube video? What is wrong with people?

defrost 2y ago
People genuinely believe it is actually Elon Musk | Jeff Bezos | Warren Buffet talking and endorsing investment schemes. People put in $248 and "test" things out and see the same kinds of account details they see for their regular investments and bank accounts. People can often withdraw small amounts from their test accounts and so they put in more, they see digital account balances showing returns from investment and so it goes. It all looks legit until it isn't and there's no getting your money back. Not everbody is an IT genius with a Fintech CV, nor is everybody dumber than a rock .. in the valley betwen is where these scams operate. This goes back at least a year or three, a famous Australian multi billionaire mining magnate raised a stink about his image and voice featuring in faked "endorsement videos" .. along with several other well known Australian billionaires. The prevalence of the phony ads prompted Andrew Forrest, an Australian billionaire whose videos were also used to create deepfake ads on Facebook, to file a civil lawsuit against Meta, its parent company, for negligence in how its ad business is run. He claimed that Facebook’s advertising business lured “innocent users into bad investments.” Meta, which owns Facebook, said the company was training automated detection systems to catch fraud on its platform, but also described a cat-and-mouse game where well-funded scammers constantly shifted their tactics to evade detection. The escalation to lawsuit on US soil is a recent event but the complaint has been made for a good while now.

defrost 2y ago

People genuinely believe it is actually Elon Musk | Jeff Bezos | Warren Buffet talking and endorsing investment schemes. People put in $248 and "test" things out and see the same kinds of account details they see for their regular investments and bank accounts. People can often withdraw small amounts from their test accounts and so they put in more, they see digital account balances showing returns from investment and so it goes. It all looks legit until it isn't and there's no getting your money back. Not everbody is an IT genius with a Fintech CV, nor is everybody dumber than a rock .. in the valley betwen is where these scams operate. This goes back at least a year or three, a famous Australian multi billionaire mining magnate raised a stink about his image and voice featuring in faked "endorsement videos" .. along with several other well known Australian billionaires. The prevalence of the phony ads prompted Andrew Forrest, an Australian billionaire whose videos were also used to create deepfake ads on Facebook, to file a civil lawsuit against Meta, its parent company, for negligence in how its ad business is run. He claimed that Facebook’s advertising business lured “innocent users into bad investments.” Meta, which owns Facebook, said the company was training automated detection systems to catch fraud on its platform, but also described a cat-and-mouse game where well-funded scammers constantly shifted their tactics to evade detection. The escalation to lawsuit on US soil is a recent event but the complaint has been made for a good while now.