The Reserve Bank of India (RBI) has raised a red flag about deepfake videos of its governor, Shaktikanta Das, being shared on social media platforms. These videos falsely depict the governor endorsing investment schemes and advising people to put their money into them.
On November 19, the RBI issued a statement categorically denying any association of its officials with these videos. The central bank emphasized that none of its representatives, including the governor, have endorsed or supported any investment-related schemes. The RBI stated:
"It has come to the notice of the Reserve Bank of India that fake videos of the governor are being circulated on social media claiming launch of or support to some investment schemes by the RBI. These videos attempt to advise people to invest their money in such schemes through use of technological tools. RBI clarifies that its officials are not involved in or support any such activities and these videos are fake."
The RBI has strongly advised investors to avoid engaging with these videos and not to base any financial decisions on their content. The central bank stressed that it does not offer financial investment advice and that these videos are a form of digital fraud aimed at misleading the public.
Deepfake videos, which use advanced AI technology to fabricate realistic but false visuals, have become a tool for misinformation and financial scams. By exploiting the credibility of influential figures, fraudsters aim to deceive unsuspecting individuals into making misguided investments.
This is not the first time deepfake technology has targeted financial institutions. In July, the Bombay High Court ordered social media companies to take down deepfake videos involving the National Stock Exchange's (NSE) MD and CEO. The manipulated videos falsely depicted the executive giving stock recommendations, further highlighting the growing misuse of this technology.
The RBI’s alert underscores the importance of being cautious about online content. Investors are urged to verify the authenticity of any financial advice, particularly when it claims to originate from reputable institutions or officials. Additionally, individuals should report any suspicious videos or schemes to the authorities to prevent the spread of misinformation.
Conclusion
The incident serves as a stark reminder of the risks posed by technological misuse in the digital age. With the proliferation of deepfake content, institutions like the RBI are urging the public to stay vigilant and refrain from falling prey to fraudulent schemes. Verifying information from official channels remains the best defense against such scams.