In a world where technology continues to create new possibilities, it also introduces novel risks. One of the most disturbing developments in recent years has been the use of artificial intelligence (AI) to create lifelike deepfake videos digital fabrications that are almost indistinguishable from reality. While deepfakes can be used for entertainment or creative work, they can also be weaponised by fraudsters to build false credibility and deceive unsuspecting members of the public.
A recent case reported in Singapore illustrated just how convincing and damaging deepfake scams can be. An elderly retiree in her sixties lost more than S$4,000 after being lured into an investment scheme through a deepfake video. The video purported to show a well known individual endorsing a seemingly legitimate investment platform. Tragically, the victim trusted the content, made payment and later discovered the entire operation was fraudulent. This case underscores the need for heightened awareness and caution, particularly when technology that looks impressively real is used to manipulate trust.
What Is a Deepfake Scam?
A deepfake scam involves the use of AI and machine learning to manipulate images, audio or video so convincingly that they appear to be authentic. These altered media can feature real people saying or doing things they never actually did. Scammers have increasingly turned to this technology to impersonate celebrities, public figures or trusted professionals and use their fictitious endorsements or statements to lure victims into financial traps.
Unlike traditional scams that rely on poorly written emails or obvious impersonation attempts, deepfake scams exploit the visual and auditory senses. When a victim sees and hears what appears to be a trusted individual, the message carries an inherent sense of credibility. This makes deepfake scams particularly dangerous, especially when paired with sophisticated social engineering that builds urgency or pressure to act quickly.
The Johor Bahru Deepfake Investment Case in Singapore
According to a report by The Straits Times, the scam that befell the Singapore retiree involved a deepfake video that appeared to feature a reputable celebrity or public figure endorsing an investment opportunity. In the video, the person shown appeared to confidently explain the benefits of investing through a particular platform. The victim, believing the video to be genuine, engaged with the scammers and made payments totalling more than S$4,000.
Once the payments were made, communication from the scammers ceased, and the promised returns never materialised. The victim was left without recourse and significant financial loss, as well as a sense of violation that comes from being manipulated by a technology that appeared so real.
The Singapore Police Force are aware of this trend and have warned members of the public to be cautious about unsolicited investment offers, especially those that are accompanied by videos or endorsements that seem too polished or too convincing to be real.
How Deepfake Scams Work
Deepfake scams typically involve several key elements:
1. Creation of a Convincing Deepfake Video
Scammers use AI tools to generate a fake video that mimics a well-known person. The technology analyses numerous reference images or videos to recreate facial expressions and voice patterns that look and sound genuine.
2. Crafting a Persuasive Narrative
The deepfake is embedded into a plausible story or message, such as an exclusive investment opportunity, prize or financial programme. The narrative is designed to trigger emotion, often greed, fear of missing out, or trust in authority.
3. Contacting the Victim
The scammer then reaches out through channels like social media, messaging apps or email, sharing the deepfake content along with instructions on how to “take advantage” of the opportunity. Because the content looks real, victims may proceed without verifying the source.
4. Pressure to Act Quickly
Once engagement begins, scammers often introduce time pressure, urging victims to act fast or risk losing an opportunity. This creates an adrenaline response that makes victims less likely to pause and think critically.
5. Financial Loss and Silence
After funds are transferred or personal information is provided, scammers frequently disappear without trace. Victims may then find it difficult to reclaim their money or trace the perpetrators.
Why Deepfake Scams Are Especially Effective
Deepfake scams are effective for several reasons:
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Visual and auditory realism: Deepfakes can mimic genuine human behaviour convincingly.
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Trust exploitation: Seeing a familiar face, voice or expression can override scepticism.
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Technology intimidation: Many victims may not realise that a video can be fabricated so precisely.
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Credibility by association: When a known figure appears to endorse something, victims assume legitimacy.
The combination of these factors makes deepfake scams one of the most insidious forms of fraud in the digital age.
Who Is at Risk?
While anyone can be targeted by a deepfake scam, certain groups may be more vulnerable:
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Older adults who may not be familiar with deepfake technology
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New investors who are excited by potential opportunities
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Individuals active on social media where deepfake content can circulate widely
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People under financial pressure who may be tempted by quick returns
In Singapore, police and community organisations have emphasised that no demographic is immune, but awareness and education significantly reduce risk.
How to Recognise a Potential Deepfake Scam
When evaluating suspected scam content, keep the following indicators in mind:
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Unsolicited links or video messages from unknown contacts
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Requests for payment or personal information after initial engagement
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High pressure or time limited offers that discourage independent verification
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Suspicious domain names or email addresses that are similar but not identical to official ones
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Visual or auditory inconsistencies in videos (odd blinking, unnatural voice sync, blurred edges)
When in doubt, it is always safer to verify the information independently through official channels or trusted sources before taking any action.
How to Stay Safe From Deepfake Investment Scams
Here are practical steps you can take to protect yourself:
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Pause and Verify
Before acting on any investment offer that includes a video endorsement, take time to verify the source. Check official pages, contact the person or company directly through recognised channels, and avoid clicking links in unsolicited messages.
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Question the Source
If a video appears to feature a celebrity or public figure, search their official social media profiles or websites to see if they have genuinely shared that content.
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Avoid Sharing Personal Information
Never provide sensitive personal data, bank account details, SingPass identifiers or financial credentials to anyone unless you are certain of their legitimacy.
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Educate Yourself on Technology
Understanding that deepfakes exist and can be used fraudulently is a powerful defence. Awareness helps you recognise when something looks “too polished” or “too good to be true.”
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Be Skeptical of Urgency
Genuine investment opportunities do not require immediate action without due diligence. If a message pushes you to act immediately, that is a classic red flag.
What to Do If You Have Been Scammed
If you or someone you know has fallen victim to a deepfake investment scam, it is important to take these steps promptly:
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Stop all communication with the scammer.
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Contact your bank or financial institution to report any transactions and request guidance on protecting your account.
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Preserve all evidence. Keep screenshots, emails, video files and any communication logs.
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Make a police report providing as much detail as possible, including dates, names, amounts and screenshots.
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Seek psychological support if you feel distressed or overwhelmed; falling victim to scams can be emotionally taxing.
Prompt reporting increases the chances that authorities can identify patterns and prevent others from being victimised.
Resources to Seek Help
Singapore residents can access several resources for support and information:
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Singapore Police Force Scam Advisories for regular scam updates and safety tips
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Anti-Scam Helpline (ScamShield) for tools to block suspicious calls and report scam numbers
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Banks’ fraud and security teams who can assist when financial information has been compromised
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Community education programs that offer guidance on identifying and avoiding scams
Using these resources helps you stay prepared and aware of evolving threats.
How Scam.SG Can Help
Scam.SG offers a platform where users can check whether a business, phone number or contact has been reported in relation to scams. By reviewing available insights and TrustScore, users can assess the risk associated with unfamiliar contacts or offers. If you encounter suspicious activity, Scam.SG allows you to submit scam reports to build community awareness and help others avoid similar situations. The platform also publishes scam prevention articles and scam-related news updates, so users can stay informed about emerging tactics and trends in scam behaviour. This collective knowledge empowers individuals to make more informed decisions and stay one step ahead of fraudsters.
Conclusion
Deepfake investment scams are a stark reminder that technological advancements can be used for deception as well as innovation. The distressing case of a retiree losing thousands to a scam video highlights how convincing and emotionally manipulative these schemes can be. By understanding how deepfakes work, recognising the warning signs, and taking time to verify before acting, you can protect yourself and your loved ones from falling prey to fraudulent schemes.
Stay sceptical of generous or urgent investment offers, especially those presented through unsolicited videos. Take advantage of the resources available, including Scam.SG, to check and report suspicious activity. In a rapidly changing digital landscape, a patient and informed approach is your best defence.
Stay Smart, Stay Safe, Stay Vigilant With Scam.SG