![Deepfakes are manipulated videos or other digital representations that use artificial intelligence to create persuasive video or audio of an individual who has never said or said anything. (Representative image) Deepfakes are manipulated videos or other digital representations that use artificial intelligence to create persuasive video or audio of an individual who has never said or said anything. (Representative image)](https://images.news18.com/ibnlive/uploads/2021/07/1627283897_news18_logo-1200x800.jpg?impolicy=website&width=510&height=383)
Deepfakes are manipulated videos or other digital representations that use artificial intelligence to create persuasive video or audio of an individual who has never said or said anything. (Representative image)
The National Stock Exchange has warned investors about a deepfake video in which MD and CEO Ashishkumar Chauhan recommends stocks.
The National Stock Exchange (NSE) on Wednesday issued a warning to investors over the circulation of deepfake videos featuring MD and CEO Ashishkumar Chauhan giving stock recommendations.
NSE said in a statement that it had observed Chauhan's face or voice and the NSE logo used in several investment and advisory audio and video clips that were fraudulently produced using technology.
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“Investors are warned not to trust such audios and videos and not to follow any investment or advice coming from such fake videos or any other media,” NSE said.
These videos appear to have been created using sophisticated technology to imitate Chauhan's voice and facial expressions, he added.
NSE's employees are not authorized to recommend shares or transactions in these stocks.
The exchange also said it is making efforts to ask platforms to remove such videos where possible.
As per NSE's process, official communication will be made only through the official website and will be handled by the exchange's social media, the stock exchange said.
Check before you trust
The exchange asked investors to verify the source of communications and content sent on behalf of NSE and check its official social media handles.
Deepfakes are manipulated videos or other digital representations that use artificial intelligence to create persuasive video or audio of an individual who has never done or said anything that risks spreading misinformation and damaging their reputation.
The dangers of deepfakes in finance
- Fraudulent Transactions: Deepfake technology can be used to create persuasive video or audio recordings of individuals, including senior financial executives or customers. These deepfakes can be used to authorize fraudulent transactions or manipulate financial data, which can result in significant financial losses to individuals and institutions.
- Market Manipulation: Deepfake videos or audio recordings can be used to spread false information about companies, stocks, or financial markets. By crafting persuasive fake statements from influential figures, malicious actors can manipulate market sentiment, resulting in artificial fluctuations in stock prices or other financial instruments.
- Identity theft: Deepfakes can also be used for identity theft within the financial sector. Scammers can create convincing fake video or audio recordings to gain unauthorized access to a person's financial accounts, sensitive information, or proprietary data.
- Reputation Damage: Deepfake videos or audio recordings can damage the reputation of financial institutions or key industry figures. Even if later proven to be false, the initial spread of such content can cause significant damage to credibility and impact business relationships and financial stability.
- Regulatory Challenges: Regulators may have difficulty keeping up with the evolving capabilities of deepfake technology. Implementing effective regulations and safeguards to detect and prevent deepfake-related financial crimes is a critical challenge that requires collaboration between industry stakeholders and government agencies.
(with agency input)