Beware of Fraud Using New AI Technologies! Financial Regulatory Authority Issues Warning

Currently, the widespread application of AI technology provides the public with personalized and intelligent information services, but it also creates opportunities for online fraud. For instance, criminals use face swapping, voice synthesis, and other methods to create fake images, audio, and videos, impersonating others to commit fraud and infringe on consumers' legitimate rights and interests. The National Financial Regulatory Administration has issued a consumer protection risk alert, reminding financial consumers to be vigilant against new fraud methods and to safeguard personal and family property security.

Fraud using new AI technologies primarily employs two methods: "voice cloning" and "face swapping," which involve simulating another person's voice or appearance to gain trust and then defraud money. Criminals typically first contact consumers via WeChat, QQ, phone, or other means under the pretext of "online store customer service," "marketing promotion," "part-time recruitment," or "dating and matchmaking," to collect voice samples, speech patterns, or facial information. They then use technologies such as "voice cloning" and "face swapping" to synthesize fake audio, video, or images of consumers, using excuses like borrowing money, investments, or emergency assistance to induce their relatives and friends to transfer funds or provide sensitive information such as bank account passwords, before immediately moving the funds. Additionally, criminals may synthesize audio and video of celebrities, experts, or officials, using their identities to spread false information and achieve fraudulent purposes.

These fraud methods are highly deceptive and covert, often involving large amounts of money. To protect the legitimate rights and interests of financial consumers, the National Financial Regulatory Administration advises:

1. What you "see" online may not be real. A key feature of synthesis technologies like "voice cloning" and "face swapping" is their ability to "pass off the fake as real." Criminals can easily disguise themselves as others using such technologies and carry out targeted fraud by rapidly screening target groups and customizing fraud scripts. Therefore, when it comes to financial transactions, a "familiar-sounding phone call" or a "video that looks like an acquaintance" could be a criminal's fraud tactic, and consumers should remain vigilant.

2. Always verify the other party's identity before transferring money. When someone claiming to be an "acquaintance" or "superior" contacts you via social media or phone and tries to induce you to transfer money for various reasons, be sure to verify their identity. For example, you can ask questions during the conversation that only both of you would know, use other communication methods or meet in person to confirm, or verify their identity and situation with their friends or family. If you cannot confirm the other party's identity, avoid making any transfers.

3. Protect personal information such as photos and voice recordings. Consumers should enhance their awareness of personal information protection, avoid downloading unfamiliar software, registering on unknown platforms, or adding strangers as friends, and remain cautious about the security of their personal social accounts. Try to avoid exposing too much personal information such as photos, voice recordings, and videos online, and do not store ID cards or bank card photos directly on your phone for convenience. If you are unfortunately deceived or encounter suspicious situations, be sure to preserve evidence and immediately report the case to the local public security authority.

(Source: Financial Regulatory Administration website)