RBI warns people over deepfake videos of Governor

The Reserve Bank flagged concerns over “deepfake” videos of the RBI Governor being circulated on social media that claim the launch of or support to some investment schemes by the central bank.

The videos attempt to advise people to invest their money in such schemes through use of technological tools.

In a statement, the RBI cautioned the public on “deepfake videos of top management” being circulated over social media giving financial advice.

“It has come to the notice of Reserve Bank of India that fake videos of the Governor are being circulated on social media that claim the launch of or support to some investment schemes by the RBI,” an official statement of RBI said.

The central bank clarified that its officials were not involved in or supported any such activities, and these videos were fake.

The regulator cautioned the public against engaging with or falling prey to such videos circulated over social media.

In the recent past, there have been several reports of fraudsters using deepfake videos to dupe people.

In April, the Department of Telecommunications (DoT) cautioned investors against deepfake videos and images, amid growing threat of deepfakes being used to manipulate stock prices.

It had issued a warning to citizens regarding fraudulent advertisements about the stock market and trading on social media apps. The NSE, too, in April had issued a warning after observing that the face and voice of CEO Ashishkumar Chauhan was being falsely used in some investment and stock advisory videos. “Such videos seem to have been created using sophisticated technologies to imitate the voice and facial expressions of Ashishkumar Chauhan,” the NSE said.