RBI warns public against deepfake videos of Governor promoting investment schemes
The Reserve Bank of India issued a public warning about deepfake videos of Governor Shaktikanta Das circulating on social media that falsely claim RBI endorsement of investment schemes. The videos use technological tools to appear to provide financial advice, but RBI stated its officials are not involved in any such activities and do not provide investment advice.
What happened
The Reserve Bank of India issued a statement on November 19, 2024, cautioning the public over deepfake videos of its top management being circulated on social media.
The fake videos depicted Governor Shaktikanta Das claiming to launch or support investment schemes by the RBI and attempting to advise people to invest money in such schemes through use of technological tools.
Reported impact
The RBI stated that the videos attempt to advise people to invest their money in fraudulent schemes and warned the public against engaging with and falling prey to such deepfake videos circulated over social media.
Index analysis
Similar incidents have occurred with other financial institutions; earlier in 2024, the National Stock Exchange issued a comparable advisory cautioning investors against deepfake videos of its MD and CEO Ashishkumar Chauhan recommending stocks.
Governance controls
RBI clarified through its statement that its officials are not involved in or support any such activities and that RBI does not give any financial investment advice.
The exchanges track news items that float about companies and monitor whether investors invest based on unverified news items, typically asking companies to confirm or deny unverified claims.
Classification
Sources and evidence
Sources not yet published
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