Ben Fordham: Alarming new financial scam that every Australian needs to know about – but there’s one clue that gives it away

2GB host Ben Fordham has warned Australians about alarming new AI video fraud.

These scams usually involve fake videos created using artificial intelligence.

These videos can be manipulated to make it appear as if someone said or did something they never did.

Financial expert Peter Switzer is the latest high-profile Australian to be used by scammers in an AI video.

His face is used to trick people into investing in sham get-rich-quick schemes.

Mr Switzer was left speechless after 2GB host Ben Fordham showed him a video of the AI ​​scam currently making the rounds on social media.

“Join our stock club and you’ll receive free stock diagnostic services that the world’s leading stock experts will provide you with…” he appears to say in the clip.

“Who is that man talking?” Fordham asked.

“Gosh, that sounds like me in my younger days,” Mr. Switzer replied.

“It’s you, it’s a video making the rounds right now. It’s an AI scam. You advertise a stock club and they release stock information every day before 7 p.m.,” Fordham said.

‘Oh my God. How do we make sure people know it’s not me?’ Mr. Switzer asked.

Fordham said the telltale sign that the video was fake was when Mr Switzer’s accent changed from Australian to American halfway through the full version of the video.

“So there’s a little hint there,” Fordham said.

“But people will recognize your face, they have your face – your mouth is moving – we just saw it this morning.”

It comes just months after former Sunrise presenter David Koch threatened legal action as scammers continue to use digitally altered images of him to defraud Australians.

The fed-up business journalist and former Sunrise presenter took to Twitter in October to criticize an AI-generated photo of himself looking bloodied and bruised.

Koch has tagged the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) in a desperate bid to combat the latest scam.

The digitally altered image shows Koch with two black eyes and a horrified face with the text: “This is the dark truth behind the incident.”

He told 2GB’s Ben Fordham that he is exploring legal options against social media platforms publishing the fake ads.

“I am so frustrated by this that I am exploring the possibility of defamation against social media platforms that run these ads because it harms me,” he fumed.

‘People are misled into thinking, ‘I did this because you told me to.’ It’s all a huge scam using prominent people, which is really destroying our reputation.”

Gary Meachen, 71, from Broke in the NSW Hunter Valley, lost $411,000 after being tricked by a video on Facebook promising viewers they would get rich quick.

The clip featured edited footage of billionaire Elon Musk allegedly discussing a cryptocurrency scheme with a series of high-profile individuals.

They included Prime Minister Anthony Albanese, Sunrise presenter Natalie Barr, Today presenter Karl Stefanovic and commentator Piers Morgan.

Images of the known political and entertainment identities were then manipulated to make it appear as if they were discussing the plan.

Mr. Meachen, a longtime admirer of Mr. Musk, was told he was one of “45 chosen ones who will have the opportunity to make money that will change your life.”

He gave his card details to a scammer to buy in, and every time he tried to withdraw money he was persuaded to invest more.

Mr Meachen ended up with nothing and is now dependent on his pension.

According to the ACCC, Australians lost $2.7 billion to fraud in 2023. That year alone, more than 623,000 reports of fraud were made.

Investment scams stole more than any other form of fraud, amounting to $1.3 billion.

Experts believe older Australians are being targeted by scammers because they are less tech-savvy and more likely to have savings and retirement.

Losses for those over 65 rose 13.3 percent to $120 million in 2023, with this age group disproportionately affected by investment plans.