The fast-paced nature of the crypto market means investors are under a lot of pressure to quickly verify whether a video message is genuine or not.
Crypto investors are being urged to keep their eyes open for future “deep fraud” crypto scams as digital revocation technology continues to advance, making it harder for viewers to separate fact from fiction.
David Schwed, CEO of blockchain security firm Halborn, told Cointelegraph that the crypto industry is more prone to deep counterfeiting than ever because “time is of the essence in the decision-making process” and there is less time to verify authenticity. video
According to Openzeppelin technical writer Vlada Estup, Deepfakes use deep learning artificial intelligence (AI) to create highly realistic digital content by manipulating and modifying the original media, such as face-changing videos, photos and audio.
Estup notes that crypto scammers use deep fake technology to create fake videos of people known to be running the scam.
An example of such a scam was the deeply fake November video of former FTKS CEO, in which scammers used old interview footage of Sam Bankman-Fried and a voice emulator to lead users to a malicious website that promises to “duplicate your cryptocurrency.”
The Swede said the volatile nature of cryptocurrencies makes people nervous and they take a “better safe than sorry” approach, leading to deep-pocketed scams. He said:
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“If a video came out from CZ claiming to stop withholding within hours, would you withdraw your money immediately or spend hours trying to figure out if the message is genuine?”
However, Estup believes that while deepfake technology is advancing rapidly, it is still “indistinguishable from reality.”
How to spot a deep fake: Look at your eyes
A useful way to quickly spot a deep fake, says the Swede, is to watch the subject blink. If it looks unnatural, there’s a good chance it’s a deep fake.
This is because deepfakes are created using image files from the Internet, where the subject usually has their eyes open, the Swede explained. So, in fake deep, the subject’s eyes should blink in simulation.
Schwed said the best identifier is to ask questions that only a real person can answer, such as “What restaurant did we go to for lunch last week?”
Artificial intelligence software that can detect deep counterfeits is also available, Estup said, and to keep up with major technological improvements in the field.
He also offered some old advice: “If it sounds too good to be true, it is.
Related: “Yes!” Elon Musk warns users about the latest deepfake crypto fraud
Last year, Binance Communications Director Patrick Hillman revealed in a blog post in August that he was using a sophisticated deepfake scam.
Hillman noted that the team had previously used news interviews and television appearances over the years to create a deep deception and “fool a lot of very smart crypto members.”
He first found out when he started receiving messages online, thanking him for talking to project teams that could list his assets on Binance.com.
Earlier this week, blockchain security firm Slovmist recorded 303 blockchain security incidents in 2022, of which 31.6% were due to identity theft, carpet-bagging, and other fraud.