Cybersecurity firm Cybertrace has issued a stark warning regarding a highly convincing deepfake video featuring Australian mining magnate and businessman Andrew “Twiggy” Forrest.

The deepfake video, which has surfaced on social media platforms, shows Forrest promoting a fake cryptocurrency trading platform that promises high returns.

The video, which initially appeared on Facebook, encourages users to sign up for a fraudulent platform claiming to generate substantial daily profits for “ordinary people.”

The victims are directed to a website called “Quantum AI,” a name that Cybertrace says is intertwined with scams and financial fraud.

Another Deepfake identifiedhttps://t.co/LcsKDukOPX

— Cybertrace (@Cybertrace_com) January 31, 2024

Scammers Behind the Deep Fake Have Sales Expertise

In a comment, Cybertrace CEO Dan Halpin claimed that the deepfake video could deceive individuals, as the scammers behind it appear to possess sales expertise.

Halpin further noted its length and repetitive nature, which enhances its convincing nature.

“The video is long and in many ways repetitive, which can be quite convincing, and appears to have been created by someone with knowledge of sales and marketing.”

The deepfake manipulates Forrest’s behavior and body language, utilizing footage from a “fireside chat” conducted by Rhodes Trust in October.

Cybertrace detected the deepfake video on January 27, showcasing an AI-altered version of Forrest endorsing a fictitious cryptocurrency trading software.

In the video, the altered version of Forrest promises viewers the opportunity to join him and his team as partners in the world’s most intelligent stock and cryptocurrency trading software, guaranteeing substantial profits regardless of market conditions.

Forrest, a former CEO of Western Australian mining firm Fortescue Metals Group, is a highly successful entrepreneur with a net worth of $29.4 billion.

The deepfake video concludes with Forrest urging viewers to sign up for the platform before it’s too late, adding an element of urgency to the scam.

Deepfake Fraud Sees a Surge

Cybertrace has cautioned users to exercise extra vigilance due to the recent surge in deepfake fraud.

In addition to Forrest, other notable Australian individuals such as Gina Rinehart, the country’s richest person, entrepreneur Dick Smith, and TV host Allison Langdon have also been targeted by scammers using deepfake videos, as highlighted by Cybertrace.

As reported, Lee Hsien Loong, the prime minister of Singapore, has also warned his social media followers regarding the use of deepfake videos that use his voice and image to promote cryptocurrency scams.

At the time, Loong even shared an example video of himself being interviewed, which was created by scammers to endorse a fraudulent “hands-free crypto trading” scheme.

“The use of deepfake technology to spread disinformation will continue to grow,” said Loong.

“We must remain vigilant and learn to protect ourselves and our loved ones against such scams.”

Scammers have been employing various methods to deceive individuals and steal their fiat currency or tokens since the inception of cryptocurrencies.

In 2020, hackers compromised the accounts of prominent Twitter users, including former United States President Barack Obama and President-elect Joe Biden, to promote a Bitcoin scam.

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