Central Bank of the Philippines warns against AI-manipulated cryptocurrency scams

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has issued a warning about scams involving AI-manipulated videos and audio. These scams are used to disseminate fake news, especially in relation to cryptocurrency trading. 

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The BSP also stated that Governor Eli M. Remolona Jr. has no connection with the said cryptocurrency project named “Tesler Code” or any other cryptocurrency investment. 

“Perpetrators of these fraudulent activities post AI-manipulated content on social media to spread false information about organizations, officials, and persons, including the central bank and its personnel.”

BSP announced.

BSP warns public to refrain from disclosing private info

Recently, scammers have started using AI to make fake videos that are shared on social media platforms in order to make the scams seem legitimate. Such deepfakes are usually used to manipulate the public by showing incidents involving organizations like the BSP and its officials in the wrong light. The central bank has stated that it is unlawful to defame the BSP or its officials in the Philippines. 

To avoid becoming a victim of such scams, the BSP urged the public to be wary and refrain from disclosing their information to unrecognized parties. The central bank advises the public to confirm the authenticity of messages that seem to be from BSP officials. The BSP’s warning comes at a time when there has been a rise in crypto scams on social media platforms. These scams typically involve tempting people with high rates of return on their investments. 

Scammers impersonate prominent figures to lure victims

The Tesler Code scam has also involved other high-profile individuals and companies. The Ayala Corporation, one of the leading conglomerates in the Philippines, has stated that its chairman, Jaime Augusto Zobel de Ayala, has no connection with the project. The company stated that some people have posed as representatives of big companies and celebrities to convince people to fall for the scam.

The BSP’s advisory was issued as more and more social media users fall victims to cryptocurrency-related scams. These scams usually work in a way that they attract people with the promise of high returns on their investments. Three Canadian men have allegedly been conned out of hundreds of thousands of dollars through videos that had celebrities endorsing a cryptocurrency investment scam.