SBI Warns Public of Deepfake Videos Promoting Fake Investment Schemes

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The State Bank of India (SBI) has issued a warning about deepfake videos circulating on social media, falsely featuring its top executives endorsing fake investment schemes. These AI-generated videos aim to deceive individuals into investing in fraudulent schemes promising unrealistic returns. SBI clarified it does not support such schemes and urged caution.[AI generated]

Why's our monitor labelling this an incident or hazard?

Deepfake generation is a clear misuse of AI technology, and the scams are already in circulation with the intent to defraud individuals. This constitutes an AI Incident because the AI system’s misuse has directly led to financial harm and deception.[AI generated]
AI principles
Transparency & explainabilityRobustness & digital securityAccountabilityPrivacy & data governanceSafetyRespect of human rights
Industries
Financial and insurance servicesMedia, social platforms, and marketingDigital security
Affected stakeholders
ConsumersBusiness
Harm types
Economic/PropertyReputational
AI system task:
Content generation

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