The Securities and Exchange Commission is warning the public that scammers have been using deep fake technology to create manipulated videos and audio recordings that falsely depict JG Summit Holdings Inc. President and CEO Lance Gokongwei and other known personalities endorsing investment schemes involving cryptocurrency, forex, and other digital assets.

“These deceptive materials have been circulating on social media platforms, aiming to mislead individuals into investing in non-existent or illicit ventures,” the Commission said.

It added that, “the public is deceived by the said manipulated videos and audio recordings of Mr. Gokongwei into investing in an electronic platform registered in Nicosia, Cyprus.

Instructions are given to prospective victims to give their credit card numbers and the One-Time Password (OTP) sent to their mobile phone. Victims would consequently lose contact with the online agent when they attempt to withdraw money from their accounts.

Consequently, the public is warned to avoid interacting with suspicious advertisements, websites, or social media accounts that claim to offer investment opportunities endorsed by popular personalities.

“To be secure, always check with the SEC to confirm the legitimacy of the offering, of the offeree, and of the security or investment product being offered,” said the SEC.

It added that, “For clarification on the advisory or to report a scam involving Deep Fake videos and audio recording, please call the Enforcement and Investor Protection Department at 88187650 and 88186047 or email us at [email protected].”