Deep-fake ASX video scam lingers on Facebook despite reporting
A deep-fake Facebook video ad showing ex-ASX boss Dominic Stevens promoting an ‘Australian Securities Exchange-ASX’ chat group has been reported but remains on the social media platform.
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A deep-fake Facebook video ad showing former ASX boss Dominic Stevens promoting an “Australian Securities Exchange-ASX” group purporting to give investment insights has been reported to the social media company, but remains on the platform.
The advertisement, which emerged in recent days, claims 14,781 members have joined the group. It features a deep-fake video of Mr Stevens introducing himself as CEO of the ASX. In fact, Mr Stevens left the ASX in 2022 and Helen Lofthouse has been chief executive of the company since then.
In the ad, Mr Stevens is seen as saying he is “about to retire” and that “to stay busy in retirement, I’m planning to establish a free WhatsApp community where we’ll provide comprehensive investment guidance and daily profit strategies”.
The video says fund managers will be invited to provide investment plans and insights.
“You’re welcome to join our community where we can discuss opportunities and strategies for stock investment together, aiming to achieve financial freedom,” the ad says.
A media representative for the stock exchange confirmed the video ad was fake and said it had been reported to Facebook on Monday morning. The Australian was still able to access the ad late on Monday evening.
Media representatives from Meta Platforms did not return emails seeking comment. The Facebook parent is under pressure from governments around the world to respond more swiftly to the growing problem of AI-powered scams on its platform.
The ASX video joins a plethora of deep-fake videos of prominent business people, celebrities and politicians, being used to initiate contact with potential victims.
Scams cost Australians $2.7bn last year, on top of $3.1bn in losses in 2022, according to official data released this week.
The ASX said it was exploring its legal options “with what looks like the page owner”, the spokeswoman said. The Facebook group page that posted the deep-fake video does not list administrators.
People who click on the link to join the chat group are taken to a WhatsApp chat with a person calling himself “Mark Stefanski” but using the stolen photograph of a Mills Oakley lawyer.
When contacted by The Australian, the lawyer said he had been alerted to his image being used over the weekend.
He said his firm was looking into the matter and would lodge a complaint with the corporate regulator.
ASIC representatives did not immediately return an email seeking comment.
The first post on the chat on Monday asked members to message certain administrators of the chat in order to receive $5 vouchers from Myer and Woolworths.
- A previous version of this article incorrectly named “ASX Stock Market chat” administered by Titan Securities as the group making the post. The article has been corrected to reflect the accurate name of the Facebook group is “Australian Securities Exchange-ASX”, which does not list administrators.
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Originally published as Deep-fake ASX video scam lingers on Facebook despite reporting
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