Scams are no longer as simple to identify as they once were. Previously, a suspicious link or a call with poor grammar might have been enough to raise an alarm. Today, however, scammers are using artificial intelligence, or AI, to create highly convincing fake voices and videos to deceive people and steal their money.

These are not distant threats; they are happening right here in Malaysia. Scammers are using AI to impersonate trusted individuals, from family members and employers to national leaders, making it harder than ever to tell what is real. Understanding these new methods is the first step in protecting your personal finances.

The Rise of AI Voice Cloning Scams

One of the most personal and effective new scams involves AI voice cloning. Scammers use technology to perfectly mimic the voice of someone you know and trust, then call you with an urgent request for money. They often use platforms like WhatsApp or direct phone calls to make their impersonations feel immediate and believable.

In one recent case, a report detailed how a woman in Selangor lost RM5,000 when she received a call from someone who sounded exactly like her boss. The caller, claiming it was an emergency, instructed her to purchase thousands of ringgit worth of Touch ‘n Go PINs and send over the codes. Because she had received similar requests before, she did not suspect anything was wrong until it was too late. Her real boss later confirmed his phone had been off, and he never made the call.

According to the Bukit Aman Commercial Crime Investigation Department, police investigated 454 cases involving this type of technology last year, with total losses reaching RM2.72 million.

Fake Investment Schemes Using Deepfake Videos

Beyond voice cloning, scammers are using AI to create deepfake videos for fake investment schemes. These videos feature digitally altered footage of well-known public figures, including politicians, successful business leaders, and even celebrities. The AI makes it appear as though these trusted personalities are endorsing an investment that promises quick and high returns.

Scammers have created deepfake videos of prominent individuals like Prime Minister Datuk Seri Anwar Ibrahim, tycoon Tan Sri Robert Kuok, and Capital A CEO Tan Sri Tony Fernandes. These videos are often circulated on social media to trick the public into fraudulent schemes.

The problem has become so serious that even the royal institution has been targeted. The Johor Royal Press Office recently issued a public warning after a deepfake video of His Majesty Sultan Ibrahim, King of Malaysia, was used to promote a fake investment on Facebook. The palace reminded the public that impersonating the King is a serious offence.

The financial impact of these scams is staggering. Last year, Malaysians lost a reported RM2.11 billion across 13,956 cases of investment fraud. It was found that 85 per cent of victims were persuaded to invest after watching these highly realistic deepfake promotional videos.

How to Protect Yourself from AI Scams

As scammers’ methods evolve, so must our awareness and caution. Staying vigilant is key to protecting your hard-earned money from these sophisticated AI-driven scams.

First, always verify urgent requests for money. If you receive a frantic call from a friend or family member, hang up and contact them directly on a number you already have saved. This simple step can quickly confirm if the emergency is real. You could also agree on a secret word or question with your loved ones that only you would know.

Next, be extremely cautious of investment opportunities that seem too good to be true, especially those promoted on social media. Before committing any funds, it is wise to familiarise yourself with the fundamentals of safe and legitimate investing in Malaysia. For official verification, you can review a list of companies licensed to offer investments on the Securities Commission Malaysia website to ensure you are dealing with a legitimate entity.

Finally, if you encounter a scam or suspect fraudulent activity, report it immediately. You can call the National Scam Response Centre (NSRC) at 997 to make a report. By staying informed and questioning unusual requests, you can safeguard yourself and your finances from this growing threat. 

By staying informed and questioning unusual requests, you can safeguard yourself and your finances from this growing threat. For more articles on personal finance and security, you can find further reading on the RinggitPlus blog. 

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• TAGS:
• AI
• Scams