NAB’s Take on AI Deepfakes

A recent article from National Australia Bank has highlighted a disturbing trend in the use of AI-powered scams. In particular they are leveraging deepfake technology to impersonate Australian politicians and well-known personalities. Criminals are using these lifelike fabrications to promote fraudulent investment opportunities and products on social media, leaving unsuspecting individuals vulnerable.
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The sophisticated nature of these scams is alarming. With just a few seconds of audio or a single image gleaned from social media profiles, voicemails, or publicly available videos, scammers can generate convincing deepfakes. These AI-generated impersonations are becoming increasingly difficult to distinguish from genuine content, making it easier for criminals to manipulate their targets.

Chris Sheehan, Executive of Group Investigations at NAB, highlighted the evolving tactics of these criminals. "AI allows criminals to 'nudify' and manipulate photos from social media instead of relying on images people have shared with them," he warned. While NAB has not yet reported widespread cases of AI-generated sextortion impacting their customers, the bank is closely monitoring the situation overseas, recognizing the devastating consequences such scams can inflict.

Protecting Yourself from AI-Driven Scams:

In light of this growing threat, experts are urging Australians to exercise extreme caution and adopt proactive measures to safeguard themselves. Here are some key tips:
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• Be Skeptical of High-Profile Endorsements: Treat any investment opportunity promoted by a well-known figure with a high degree of skepticism. Conduct thorough, independent research before committing any funds.
• Verify Investment Opportunities: Access investment platforms and information directly through verified sources, rather than clicking on links found in social media ads or sponsored search results.
• Verify Payment Requests: If you receive a payment request that seems suspicious, even from a known contact, independently verify its legitimacy by calling the person directly using contact information you have verified yourself.
• Secure Your Social Media: Set your social media profiles to private and carefully review friend requests and connections to minimize the risk of your images being used for nefarious purposes.
• Report Sextortion Attempts: If you are threatened with the release of manipulated images, immediately cease all contact with the perpetrator. Report the incident to the e-Safety Commissioner and notify your bank if you have already made a payment.

​The rise of AI-driven scams underscores the importance of heightened vigilance in the digital age. By staying informed and adopting proactive safety measures, individuals can better protect themselves from these increasingly sophisticated threats.

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