The recent surge in deep fake videos featuring Apple CEO Tim Cook has become a focal point for opportunistic crypto scammers. These fraudulent videos, which appeared around Apple’s highly anticipated ‘Glowtime’ iPhone 16 event on September 9, were strategically deployed on Google’s YouTube platform to lure unsuspecting victims. The scam videos, which mimicked Cook’s appearance and voice with alarming accuracy, promoted crypto giveaways and investment schemes. They urged viewers to make donations in Bitcoin (BTC), Ether (ETH), and Tether (USDT) through QR codes displayed on the screen. The scammers even went to the extent of creating a website that closely resembled Apple’s official site to add an air of legitimacy.

Numerous users who encountered these deep fake videos took to social media to share screen recordings, exposing the extent of the scam. It became evident that hackers had specifically targeted genuine Apple enthusiasts who were browsing the web to watch the iPhone 16 launch event. Despite their fraudulent nature, these videos managed to accumulate thousands of views before being taken down, according to a report by CoinTelegraph.

The incident has sparked significant concern among users on X (formerly known as Twitter) over the misuse of advanced technologies like artificial intelligence (AI). The primary criticism was directed at YouTube for failing to effectively filter out such harmful content, which poses a considerable financial risk to users. Although YouTube did not release an official standalone statement addressing the issue, they did respond to individual reports of these scam videos. “We really appreciate you bringing this to our attention. Mind reporting the video in the official reporting tool if you haven’t yet?” stated the verified @TeamYouTube handle.

This alarming trend of using deep fake videos to promote crypto scams is not new. Earlier this year in June, AI-generated deep fake videos featuring Elon Musk were published on a hacked Australian news channel, similarly enticing viewers to participate in a crypto giveaway.

The volatile nature of cryptocurrency assets and the inherent difficulty in tracing transactions make this space particularly attractive for scammers. Global law enforcement agencies, including the FBI, have issued warnings about the increasing sophistication of crypto scams. Recently, the FBI disclosed that members of the crypto community lost over $5.6 billion (approximately Rs. 47,029 crore) to cryptocurrency-related fraud in the previous year—a staggering 45 percent increase from 2022.

In light of these developments, industry leaders are voicing their concerns. Microsoft President Brad Smith recently highlighted his apprehensions about AI-generated deep fakes, describing them as realistic but false content that could have serious repercussions. Smith has advocated for stringent licensing requirements for critical forms of AI, along with obligations to ensure security across various domains, including physical security, cybersecurity, and national security.

The rise in crypto scams facilitated by sophisticated AI technologies underscores the urgent need for enhanced security measures and public awareness to protect potential victims from significant financial losses.