The New Investment Trap: How AI Deepfakes Are Targeting Malaysians

Over the past six months, Malaysia has witnessed a sharp increase in a new type of cybercrime: AI-generated deepfake scams that impersonate public figures to promote fraudulent investment opportunities. What once seemed like a futuristic threat has now become a pressing national concern, preying on unsuspecting traders and ordinary Malaysians alike.

A recent case uncovered by former Pasir Pinji assemblyman Datuk Chan Kam and MCAs Datuk Seri Michael Chong revealed how this new wave of deception unfolds. Chan deliberately engaged with one of these scams to expose its tactics. The trap began with a realistic video advertisement, featuring familiar faces of well-known Malaysian figures supposedly endorsing an investment programme.

Once he clicked on the ad and submitted his details, scammers contacted him directly, offering step-by-step guidance on creating an investment account. They presented what appeared to be a legitimate trading platform and persuaded him to transfer funds. Although Chan only sent RM1,100 as part of his investigation, his experience confirmed what cybersecurity professionals have been warning: AI deepfakes are transforming online fraud into a far more dangerous and convincing threat.

How Deepfake Scams Deceive Investors

With the help of artificial intelligence tools, scammers can now create highly realistic videos and voice imitations of public figures, from Prime Minister Datuk Seri Anwar Ibrahim and MCA President Datuk Seri Dr Wee Ka Siong, to business leaders such as Tan Sri Tony Fernandes.

To make these fake clips appear credible, fraudsters frequently insert media logos from trusted outlets like The Star or New Straits Times, creating the illusion of legitimate news coverage. Viewers who believe the videos are genuine are then directed to “exclusive investment opportunities” via social media or messaging apps, including Facebook, WhatsApp, and Telegram.

According to recent reports, these platforms were responsible for 85% of scams in Malaysia in 2024, with total losses exceeding RM2.11 billion.

A Growing Cybersecurity Challenge

The rise of deepfake scams signals a turning point in cybercrime. Artificial intelligence has made it easier and faster for criminals to create convincing fake identities, videos, and voices. These manipulations are often indistinguishable from real footage, making it nearly impossible for viewers to tell the difference between fact and fabrication.

Datuk Seri Michael Chong noted that even blatantly inaccurate details, such as deepfakes of national leaders speaking with altered accents, are not enough to stop victims from believing what they see. The emotional power of video, combined with misplaced trust in digital media, has become one of the scammers most potent weapons.