Hundreds defrauded in investment scam using deep fake video

Hundreds scammed with fake video promising monthly income in exchange for investment in a major oil company. Several victims of the scam complain to the directorate for combatting organized crime every week. The fake videos that the scammers use to lure victims feature faces of statesmen, politicians, famous athletes and journalists.

Social networks, where people are spending more and more time, is also proving to be the best place for scammers to entangle victims in their webs. In recent weeks, a fake ad on BNT's website offered an investment in a famous oil company. After the public service broadcaster reported the fake publication, it was taken down, but a new one appeared - this time a fake video posing as a coverage by another broadcaster.

"Almost every week we have a victim of investment fraud. People come to us from all over Bulgaria saying that the fraud itself started 7-8 months ago. They were browsing through some social network content and saw a website being advertised. They followed the link, they read on the site how lucrative this thing is, they watched a deep fake video. A very large number of the victims have left their names and phone numbers. Subsequently, they got a call from a call center. Again, it was explained to them how that particular site, that particular platform, by investing their money, would triple that money," said Vladimir Dimitrov, head of directorate for combating cybercrime.

BNT reporter followed the link, registered at the indicated place, gave his name, email and phone number. In just two minutes he received a call:

\\

- Hey.

- Yes.

- Ivo, hello.

- Hello.

- Dimitar Velchev is calling you from the company... We see that you have successfully completed registration with us, on the website.

The person introducing himself as Dimitar asks a series of personal questions and then moves on to the main one - how I want to invest.

- How do you recommend?

- Ivo, you say that for the first time. I would recommend that you work together with our financial specialist because you need to have someone with you who will help you orient yourself in the financial market.

"But it's only virtual money and this site is controlled by scammers. They can write that the money is not tripled, but is by 10, for example," the director of the Cybercrime Directorate explained.

Dimitar continues the conversation by asking me how I will transfer the money:

- I understand that you use online banking, is that correct?

- That's right, I use online banking.

- Super.

- Now, tell me, from this number that we are talking to you now, do you use such applications as Viber, Telegram or WattsApp?

- Yes, I use WattsApp, I use Viber, and I use Telegram.

On Viber, Dimitar sends me a personal bank account of a woman who he introduces as an accountant. It is to her that I have to transfer the first amount for the investment and she is the one who will advise me when to buy and sell shares.

"The activity itself is organised by criminal groups, but in fact the fraud itself is perpetrated by call centre employees, who know what they are doing and specialise in this sort of thing. The term for these employees is retention agents who know how to get psychologically close to the victim. If the victim tries to withdraw part of his/her so called “profit”, the victim is asked for more money under the pretext that, for example, the Swiss Banking Association wants a fee," Vladimir Dimitrov, Director of the Cybercrime further explained.

At some point it turns out that there is neither profit nor the money you supposedly "invested". And the bank account to which you have transferred various amounts is closed. So it turns out that you have been defrauded.

"When they see such a video they need to report it to the social network itself and also notify us. We very often monitor social networks and other internet platforms, and when we see such content we remove it," said Vladimir Dimitrov, head of Directorate for Combating Cybercrime.

The centres involved in fraud in Bulgaria are most often located in Moldova and Belarus, and the money goes to criminal groups in North Africa.