• Crypto scammers are increasingly using Artificial Intelligence to create fake CEOs and other executives in a bid to deceive investors.
• The California Department of Financial Protection and Innovation recently charged five financial services firms for exploiting investor interest in cryptocurrencies.
• Synthesia.io’s AI technology uses deep learning algorithms to generate lifelike video content quickly and efficiently.
Rise of Crypto Scammers
The number of crypto scammers targeting naive investors has been steadily increasing as the interest in Artificial Intelligence is growing. In an alarming trend, some crypto scammers are now taking advantage of this fascination by combining AI with fraudulent tactics to deceive people into investing their money.
California Takes Action
On Thursday, the California Department of Financial Protection and Innovation (DFPI) took action against five companies that were exploiting investor interest in cryptocurrencies through the use of artificial intelligence-generated avatars like “Gary” from Maxpread Technologies and Harvest Keeper.
Synthesia: AI-Generated Video Content
Synthesia.io is a video generation platform that employs artificial intelligence technology to create realistic animations, speech, and video content with just a few clicks. An example of this was when the company uploaded a YouTube video featuring an address purportedly given by its CEO “Michael Vanes” on April 8th .
Investor Caution Advised
In light of these developments, it is important for potential investors to be vigilant when dealing with any cryptocurrency related investments in order to protect themselves from potential scams. They should always do their due diligence before investing their hard earned money into any venture or asset class.
Crypto scammers are becoming more advanced in their techniques as technologies improve, so it is important for investors to stay informed about new trends such as AI-generated avatars being used for fraudulent purposes