Here’s how to quickly spot the cybersecurity officials of a deepfake crypto scam

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Crypto investors have been urged to keep their eyes peeled for deep crypto scams to come as digital look-alike technology continues to advance, making it harder for viewers to separate fact from fiction.

David Schwed, chief operating officer of blockchain security firm Halborn, told Cointelegraph that the crypto industry is more susceptible than ever to deepfakes because time is of the essence to make decisions, which reduces the time necessary to verify the veracity of a video.

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According to Vlad Estoup, Technical Writer of OpenZeppelin, Deepfakes uses deep learning artificial intelligence (AI) to create highly realistic digital content by manipulating and altering original media, such as face swapping in videos. , photos and audio.

Estoup noted that crypto scammers often use deepfake technology to create fake videos of well-known personalities to run scams.

An example of such a scam was a deepfake video of the former FTX CEO in November, where scammers used old Sam Bankman-Fried interview footage and a voice emulator to direct users to a website malware promising to double your cryptocurrency.

Over the weekend, a verified account posing as FTX founder SBF posted dozens of copies of this deepfake video offering FTX users “compensation for loss” in a phishing scam designed to empty their crypto wallets pic.twitter.com/3KoAPRJsya

— Jason Koebler (@jason_koebler) November 21, 2022

Schwed said the volatile nature of crypto makes people panic and take a more cautious than sorry approach, which can lead them to get drawn into deep scams. He noted:

If a video of CZ is posted claiming that withdrawals will be halted within an hour, will you immediately withdraw your funds or spend hours trying to figure out if the message is real?

However, Estoup believes that while deepfake technology is advancing at a rapid pace, it is still not indistinguishable from reality.

How to spot a deepfake: watch your eyes

Schwed suggests that a useful way to quickly spot a deepfake is to watch when the subject blinks. If it doesn’t feel natural, chances are it’s a deepfake.

This is because deepfakes are generated using image files from the internet, where the subject will typically have their eyes peeled, Schwed explains. Thus, in a deepfake, the blinking of the subjects’ eyes must be simulated.

Hey @elonmusk & @TuckerCarlson did you see what I assume is a #deepfake paid ad with you two? @YouTube how is it allowed? It’s getting out of hand, it’s not #FreeSpeech his direct #fraud: Musk reveals why he financially supports Canadians https://t.co/IgoTbbl4fL pic.twitter.com/PRMfiyG3Pe

— Matt Dupuis (@MatthewDupuis) ​​January 4, 2023

Schwed said the best identifier is of course to ask questions that only the real individual can answer, like what restaurant did we meet for lunch last week?

Estoup said there is also AI software that can detect deepfakes and suggests looking for big technological improvements in this area.

He also gave an old piece of advice: If it sounds too good to be true, it probably is.

Related: Oops! Elon Musk warns users about the latest crypto deepfake scam

Last year, Binances communications director Patrick Hillman revealed in a blog post in August that a sophisticated scam had been perpetrated using a deepfake of him.

Hillman noted that the team has used news interviews and TV appearances over the years to create the deepfake and fool several very smart crypto members.

He only realized this when he started receiving messages online thanking him for spending time talking to project teams about getting their assets listed on Binance.com.

Earlier this week, blockchain security firm SlowMist noted that there were 303 blockchain security incidents in 2022, 31.6% of which were caused by phishing, carpet pulling and other scams.

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