Cybertrace Warns of Deepfake Scams Featuring Billionaire Andrew Forrest

Deepfakes of Australian magnate Andrew “Twiggy” Forrest, promoting a fraudulent cryptocurrency trading platform, have circulated online, according to cybersecurity firm Cybertrace.

Cybertrace Investigators have identified a #deepfake video of Australian businessman Andrew Forrest. The original video was posted to the  @rhodes_trust YouTube Channel. #ScamAlert #scam https://t.co/4uLSD7cXWg@FortescueFuture @FortescueNews

— Cybertrace (@Cybertrace_com) January 31, 2024

The video was first spotted on Facebook on January 27. Scammers urged users to “immediately” download dubious software.

“I want to give you the opportunity of a lifetime by joining me and my team as a partner in the world’s smartest stock and cryptocurrency trading software, where money is made regardless of market conditions,” promised the fake version of Forrest.

The video concluded with the deepfake urging viewers to “sign up on the platform before it’s too late.” The recording attempts to mimic the businessman’s behavior from his real speech at Rhodes Trust in October 2023.

Andrew Forrest is the former CEO of mining company Fortescue Metals Group. According to Bloomberg, he is one of Australia’s most successful entrepreneurs with a personal fortune of approximately $29.4 billion.

Cybertrace CEO Dan Halpin told The Australian that “people will be deceived by this deepfake,” as the scammers are likely trained in sales.

“The video is lengthy and quite repetitive, which can be very convincing [to victims], and it appears to be created by individuals knowledgeable in marketing,” he added.

Cybertrace analysts also identified other scam deepfakes mimicking news anchors and various celebrities.

Earlier, Hollywood talent agency WME partnered with the Vermillio project to protect celebrities from the misuse of their AI personas. This followed a scandal involving singer Taylor Swift and her pornographic deepfakes.

One such post on X garnered over 45 million views and hundreds of thousands of likes. The social network’s management even temporarily disabled searches for Swift’s name to address the issue.

In January, MicroStrategy founder Michael Saylor reported that the company removed over 80 deepfakes featuring him, most of which promoted crypto scams.

In October 2023, investor and billionaire Tim Draper issued a warning about cryptocurrency scammers using AI to mimic his voice.