The State Bank of India (SBI) has issued a Public Caution Notice to alert customers and the general public about a surge in deepfake scam videos circulating on social media. These videos falsely claim that SBI, in collaboration with the Government of India and multinational corporations, has launched an Artificial Intelligence (AI)-based investment platform offering unusually high returns.

The fraudulent videos allege the launch of a cutting-edge AI-driven investment platform, supposedly endorsed by SBI, which promises lucrative and unrealistic returns. These claims are entirely false.

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How does this AI scam work?

Scammers are leveraging deepfake technology to impersonate public figures and senior officials, creating convincing but fake promotional content. These videos manipulate viewers into believing the legitimacy of the schemes and trick them into making financial commitments.

SBI alerts customers

SBI customers and the public at large are advised to verify information from SBI official website, official social media handles or from any of the nearest branch. It also said not to engage with or fall prey to such deep-fake videos.

What has SBI clarified?

SBI has categorically denied any involvement in such schemes. In a statement posted on their official X (formerly Twitter) account, the bank said:SBI via their official X (formerly Twitter) account posted the video stating, “State Bank of India cautions all its customers and the general public about many deepfake videos being circulated on Social Media, falsely claiming the launch of an AI based platform showcasing lucrative investment schemes supported by State Bank of India in association with the Government of India and some multinational companies. These videos misuse technology to create false narratives and deceive people into making financial commitments in fraudulent schemes. We clarify that SBI does not endorse any such schemes that promise unrealistic or unusually high returns.All our customers and the public at large are advised to verify information from our official website, official social media handles or from any of our nearest branch. Do not engage with or fall prey to such deep-fake videos.”

Deepfake video showing FM Nrimala Sitharaman endorsing investment platform

Earlier, in January this year, a similar deepfake video was circulated on social media, when PIB Fact check warned users on X (formerly known as Twitter), “A video circulating on social media shows the Union Finance Minister promoting an investment platform to earn daily income easily. This is a digitally altered fake video. Beware of such videos promoting investment platforms/products.”