Deepfake Investment Scams Baffle SEC

The Securities and Exchange Commission (SEC) continues its relentless efforts to combat investment scams, but the agency said that its options are currently limited when it comes to those utilizing deepfakes.

- By RICHMOND MERCURIO

"That's the thing, everything is fake. It's very difficult to discern if it is true or not. The thing there is why do they even do these things? It's about scamming people, right? Getting money," SEC chairperson Emilio Aquino said in an interview.

"So what's important is to follow the money. If there's anything that is legit there, it's the bank account or the portal wallet that they will give to you so you will send money. But all the rest — the face, whatever information they are sharing or whatever they are promising — they are all fakes," he said.

"We have to find out. That's why we are talking to all these online, digital portals. That's the only way. So far, that is the only thing we can do," Aquino said.