Public warned vs AI-aided crypto scams using Remolona

The Bangko Sentral ng Pilipinas (BSP) has urged the public to be more vigilant against scams using artificial intelligence (AI) to create or manipulate fake videos and audios amid the proliferation of fraudulent social media posts targeting Governor Eli Remolona Jr.

The BSP issued the warning on Friday as it sought to clarify that Remolona does not endorse the so-called “Tesler Code” cryptocurrency project or any other crypto investment, as “misrepresented” by some AI-manipulated content on social media.

The central bank said it came to its attention that the fraudsters posted AI-manipulated content to spread false information about organizations, officials and persons, including the BSP and its personnel.

READ: How to avoid AI voice scams

Earlier this week, Ayala Corp. also issued a statement warning the public against fraudulent social media posts claiming that tycoon Jaime Augusto Zobel de Ayala, the conglomerate’s chairperson, was promoting Tesler Code.

“The act of misrepresenting the BSP or any of its officers or units is punishable under the law,” the central bank said.

“To guard against this scam and other similar schemes, the BSP urges the public to remain vigilant and to refrain from providing personal information to unverified or suspicious entities,” it added.

Multiple reports said there had been a rise in AI-generated deepfake videos, voices and audios that were meant to make scams more believable to their potential victims.

READ: Booking.com sounds alarm on AI-enabled travel scams

Personalities like billionaire Elon Musk and Singaporean Prime Minister Lee Hsien Loong were among those used by fraudsters to scam people through deepfakes promoting crypto investments.

Apart from the crypto market, there are also deepfake political contents spreading online, which are widely seen as a major threat to countries that are about to hold their elections, including the United States.

Amid the proliferation of such dangerous social media content, the BSP encouraged the public to verify the authenticity of messages from supposed BSP officers or representatives, and to report suspicious activities to the central bank. —IAN NICOLAS P. CIGARAL