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The Rise of the Notorious Internet Scammer known as ‘Deepfake Elon Musk’


An 82-year-old retiree, Steve Beauchamp, fell victim to a digital scam orchestrated by scammers using artificial intelligence-generated deepfake videos of Elon Musk, among others. Beauchamp invested over $690,000 in a fraudulent investment opportunity he saw in a video where Musk endorsed the scheme. The scammers used advanced A.I. tools to create convincing deepfakes, which claim billions of dollars in fraud losses each year, according to Deloitte.

The deepfake videos, costing just a few dollars to produce, flooded social media platforms like Facebook and YouTube, promising high returns on investments and automated trading software. Despite efforts by these platforms to take down the scams, new videos appear constantly, targeting not only investment enthusiasts but also the elderly population, who are often more vulnerable to deception.

Beauchamp, a widower and retired sales representative, lost almost his entire retirement savings to the scammers, who demanded increasing amounts of money under false pretenses. He ultimately reported the fraud to police, but little progress has been made on his case. The rise of deepfake technology is posing a significant threat to online users, with scammers becoming increasingly adept at exploiting unsuspecting victims.

Experts warn that people should be cautious when engaging in online investment opportunities and should verify any information presented with legitimate sources. With the emergence of deepfake-driven scams, it is essential to stay informed and vigilant to protect oneself from falling victim to fraudulent schemes. Beauchamp’s story serves as a cautionary tale about the dangers posed by these sophisticated digital scams and the devastating impact they can have on unsuspecting individuals seeking financial security.

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Photo credit www.nytimes.com

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