•Crypto scammers are now using AI to create fake CEOs and other executives in a bid to deceive and swindle potential victims.
•The California Department of Financial Protection and Innovation has charged five financial services firms with exploiting investor interest in cryptocurrencies by capitalizing on the buzz surrounding artificial intelligence.
•Synthesia.io’s AI technology uses deep learning algorithms to create realistic animations and speech, enabling users to generate high-quality video content quickly and efficiently.
Rise of Crypto Scams
The number of crypto scammers targeting naive investors rises in tandem with the rising interest in Artificial Intelligence. In a disturbing trend, some crypto scammers are now combining the two, using AI to create fake CEOs and other executives in a bid to deceive and swindle potential victims.
California DFPI Takes Action
On Thursday, the California Department of Financial Protection and Innovation (DFPI) charged five financial services firms with exploiting investor interest in cryptocurrencies by capitalizing on the buzz surrounding artificial intelligence. Maxpread Technologies and Harvest Keeper, two of the companies, are accused of misrepresenting their CEOs by using an actor for one and a computer-generated avatar by the name of “Gary” for the other.
Synthesia’s Technology
Synthesia.io is a video generation platform that uses artificial intelligence to create lifelike video content. The platform allows users to create video content by simply typing out the script or uploading a voiceover, and then selecting an AI-generated presenter or avatar to deliver the content onscreen. Synthesia.io’s AI technology uses deep learning algorithms to create realistic animations and speech, enabling users to generate high-quality video content quickly and efficiently.
“Michael Vanes” Video Uploaded
On April 8, a video with an address purportedly given by CEO “Michael Vanes” was uploaded to the official Maxpread YouTube channel. However, according to authorities this figure does not exist, as Jan Gregory had previously been listed as Maxpread’s chief marketing officer before being replaced by Gary – an AI generated avatar created via Synthesia’s platform – shortly afterwards.
Scam Prevention Tips
Scammers like tryingto deceive investors through various means such as phony CEOs, sham algorithms & Ponzi schemes; so it is important for investors be aware that such tactics exist & know how best protect themselves from such scams . The DFPI has issued desist & refrain orders against those who violate CA securities lawshttps://t.co/gj13z2OE4G#investing #hyip #Cryptonews pic