The Reserve Bank of India (RBI) has warned the public about fake videos circulating on social media in which senior officials, including the Governor of the RBI, give financial advice or promote investment schemes. These videos, created using advanced technological tools such as deepfakes, falsely claim that the RBI has received approval for such schemes.

In a press release, the central bank declared that these videos were fake and warned people not to engage with or believe them. The RBI also reiterated that it does not provide financial investment advice or endorse any specific investment plans.

WHAT IS DEEPFAKE?

Deepfake technology uses artificial intelligence to create realistic but fake images, audio or video. Can manipulate videos to make it appear as if someone is saying or doing something that they are not actually saying or doing. In this case, fraudsters used deepfake technology to make it look like the RBI Governor and other senior officials were promoting financial schemes.

Such fake videos can be extremely convincing and lead unsuspecting people to trust and invest in fraudulent schemes.

RBI’S WARNING

“The Reserve Bank of India has noticed that fake videos of the Governor claiming to have initiated or supported some investment schemes by the RBI are doing the rounds on social media. These videos try to advise people to invest their money in such schemes using technological tools,” RBI said in a press release.

The central bank has made clear that its officials are not involved in such activities and has strongly denied any connection with these schemes. It was emphasized that the public should be careful and not fall into the trap of these fake videos.

RISKS OF FALLING INTO DEEPFAKES

Fake videos like this pose significant risks to the public:

1. Financial Loss: People can invest their money in fraudulent schemes, believing that they are approved by reliable authorities such as the RBI.
2. Data Theft: Fraudsters can use such programs to steal sensitive personal and financial information.
3. Erosion of Trust: These scams can damage the public’s trust in genuine organizations and their officials.

HOW TO STAY SAFE

To protect yourself from falling victim to such scams, follow these tips:

• Verify Information: Always cross-check any investment advice or plans that claim to be approved by official bodies. For accurate information, visit the official website of RBI or contact its helpline.
• Be Careful on Social Media: Don’t trust everything you see on social media, especially videos or messages asking for money or for promotional purposes.
• Avoid Sharing Personal Details: Never share your personal or financial information with unverified sources or platforms.
• Report Suspicious Content: If you come across such fake videos, report them to the social media platform and inform the authorities.