Investment scams and AI – a match made in heaven?
Online investment scams are a big money spinner for criminals, accounting for $4.6B of losses in the US. With the explosion of interest in artificial intelligence (AI) following the release of OpenAI’s ChatGPT in late 2022, it was perhaps inevitable that criminals would look to jump on the bandwagon to promote a new generation of bogus investment products that claim to “harnesses the power of AI.”
Netcraft has uncovered a range of malicious sites using ChatGPT and OpenAI-themed content to attract would-be investors looking to take advantage of the rise of generative AI. Many tout the use of “advanced trading technology,” promising outlandish returns, and feature bogus success stories. Once lured in, would-be investors are tricked into making payments that inevitably never result in the promised returns.
In this blog, we’ll walk through some of the examples we’ve found.
“ChatGPT platform” with fake Sam Altman and Elon Musk videos
One such investment scam campaign blatantly impersonates ChatGPT, claiming to be powered by the popular generative AI platform, allowing it to “imitate the thinking of analysts.” Seeking to establish credibility, this scam claims more than 1 million registered users and $68 million invested each month. Particularly implausible, given the domain name had been registered eight days prior.
Figure 1 Fake investment platform masquerading as ChatGPT – hxxps://lifecovewe[.]world.
The site also includes a poorly crafted video that attempts to fool the visitor into thinking it is a genuine endorsement from Sam Altman (the CEO of OpenAI). It espouses the increasing power of machine learning, with the tool being able to “analyze the market situation and correlate data in real-time”. With rapid progress being made with deepfakes, it is only a matter of time before videos cre
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