Have you ever seen a representative from the UK's National Stock Exchange (NSE) giving investment advice? You might be tempted to follow his suggestions, but be careful – the video could be fake.
Fake videos are circulating
Recently, NSE has been dealing with fraudulent videos. In a statement on Monday, the exchange said that some of the audio and video clips using the face and voice of Managing Director and CEO Ashishkumar Chauhan are fake. The clips, which also bear the NSE logo, were created using advanced technology to mimic Chauhan's voice and facial expressions.
NSE urges investors not to rely on these videos or any investment advice derived from them. It is important to note that NSE employees are not authorized to recommend stocks or trade in shares.
It also emphasised that any official communication from NSE will only be made through its official website (www.nseindia.com) and verified social media handles (X: @NSEIndia, Facebook: @NSE India, Instagram: @nseindia, LinkedIn: @NSE India and YouTube: NSE India).
What is a deepfake?
Deepfakes are video or audio files that are digitally altered using artificial intelligence to make someone appear to have said or done something they did not. Such manipulation poses significant risks for spreading misinformation and damaging reputations.
Other warnings
On April 18, the Bombay Stock Exchange (BSE) also issued a warning about fake videos of its MD and CEO Sundararaman Ramamurthy giving false investment advice. Similarly, in August 2023, the Securities and Exchange Board of India (Sebi) advised stockbrokers to stay away from financial influencers. ICICI Prudential Asset Management Company also issued a warning to investors in January 2024 about deepfake videos of its senior executives.
Here are some tips to protect yourself from deepfake scams:
Be skeptical: If you see a video promoting a stock that looks too good to be true, be careful and don't make any investment decisions based on the video alone.
Check the source: Check if the video is from a trusted news organization or official company website. If not, be cautious.
Look for contradictions: Even sophisticated deepfakes can have subtle inconsistencies in facial expressions, body language, and voice patterns.
Do your research: Always research a stock thoroughly before investing. Study the company's fundamentals, financial situation, and market trends before making any decision.
First Edition: June 11, 2024 | 11:45 AM IST
