BNM Warns M’sians Not to Fall For AI-Generated Videos Misusing Its Logo For Scam Investment Schemes

Modern problems require modern solutions. However, in this particular instance, the solution for these modern, AI-generated problems remains the same as before, which is to stay vigilant and practice due diligence to verify that the source is credible.

This is after both Bank Negara Malaysia (BNM) and BERNAMA issued warnings to Malaysians to not fall for a new form of scam that’s using AI-generated technologies to make them look legitimate.

In a press release by BNM yesterday (18 January), the Malaysian central bank urges people to not be deceived by videos, postings or messages that misuse BNM’s name, logo or senior officer’s name to endorse investment schemes.

The statement stressed that BNM doesn’t endorse any investment schemes and that actions will be taken against the perpetrators who created the AI-generated scam postings, asserting,

“Actions will be taken against the perpetrators. It is important to remember that BNM DOES NOT ENDORSE any investment schemes.”

The central bank also shared one of the AI-generated scam videos in question, which you can see below:

Meanwhile, the Communications Ministry also issued the same reminder, whereby internet users in Malaysia are advised to always check the facts and increase their digital literacy so that they won’t get duped by these AI-generated scams.

Accordingly, the Ministry through its “Biar Betul” initiative also shared a video of these scam videos that were circulating online so that Malaysians could be informed of their malicious intentions.

As reported by BERNAMA, Deputy Communications Minister Teo Nie Ching said that the Ministry has taken action against these scam videos by instructing the Malaysian Communications and Multimedia Commission (MCMC) to take down the manipulated videos on Facebook accounts.

Accordingly, MCMC has asked Meta to remove the AI-generated scam videos. Teo added,

“We cannot deny that AI technology has many benefits, but there are also risks when scammers use it for fraudulent purposes. Therefore, it is crucial that when the public receives or sees videos like this, they can file complaints with Meta or MCMC.”

She thus urges the public to ensure the validity of every information and news they receive by using various fact-checking platforms.

So, what do you guys think of the whole situation? Share your thoughts with us in the comments!

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