{"id":10227,"date":"2024-01-29T19:12:04","date_gmt":"2024-01-29T17:12:04","guid":{"rendered":"https:\/\/forklog.com\/en\/cftc-warns-of-ai-driven-fraud\/"},"modified":"2024-01-29T19:12:04","modified_gmt":"2024-01-29T17:12:04","slug":"cftc-warns-of-ai-driven-fraud","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/cftc-warns-of-ai-driven-fraud\/","title":{"rendered":"CFTC Warns of AI-Driven Fraud"},"content":{"rendered":"

Fraudsters are leveraging artificial intelligence to deceive investors, with the popularity of social media and influencers facilitating the spread of false information, according to a warning<\/a> from the Customer Education and Outreach Office of the CFTC<\/span>.<\/p>\n

\n

“Unfortunately, AI has become yet another tool for fraudsters to deceive unsuspecting investors,” the statement reads.<\/p>\n<\/blockquote>\n

According to the division, scammers promise “huge profits” through trading bots, signal algorithms, and arbitrage using artificial intelligence. The CFTC urged caution against “hype,” reminding that this technology “cannot predict the future or sudden market changes.”<\/p>\n

As an example, Mirror Trading International Proprietary Limited and its head, Cornelius Johannes Steynberg, have been defendants in a $1.7 billion fraud case. In April 2023, a court ordered Steynberg to pay $1.7 billion in compensation to victims and an equivalent amount as a penalty to the state.<\/p>\n

To avoid pitfalls, the agency recommended that investors research the history of a company or trader, consult financial advisors, consider risks, and not believe everything promoted by “influencers.”<\/p>\n

\n

“Fraudsters claim that AI-created algorithms can yield huge profits,” noted the CFTC.<\/p>\n<\/blockquote>\n

According to CertiK, in 2022, the number of fraudulent videos for traders on YouTube increased by 500%. From February 16 to 18 of that year alone, Group-IB specialists identified 36 fake broadcasts about investments in digital assets, which brought fraudsters over $1.6 million.<\/p>\n

Following the collapse of FTX, a deepfake of the exchange’s founder, Sam Bankman-Fried, offering a cryptocurrency giveaway as compensation, spread on social media.<\/p>\n

Despite YouTube’s updated policy regarding AI videos, such content continues to appear on the platform.<\/p>\n

In October 2023, investor and billionaire Tim Draper warned of fraudsters using artificial intelligence to mimic his voice.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fraudsters are leveraging artificial intelligence to deceive investors, with the popularity of social media and influencers facilitating the spread of false information, according to a warning from the Customer Education and Outreach Office of the CFTC. “Unfortunately, AI has become yet another tool for fraudsters to deceive unsuspecting investors,” the statement reads. According to the […]<\/p>\n","protected":false},"author":1,"featured_media":10226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[438,879,1111,1246],"class_list":["post-10227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-artificial-intelligence","tag-cftc","tag-cybersecurity","tag-scammers"],"aioseo_notices":[],"amp_enabled":true,"views":"47","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=10227"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/10226"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=10227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=10227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=10227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}