**How a Deepfake of Elon Musk Became a Major Fraud Scheme**
– An AI-generated version of Elon Musk appeared in numerous fraudulent ads, costing victims billions.

– **Victim Story**: Steve Beauchamp, 82, invested over $690,000 after seeing a manipulated video where Musk promoted a fake investment opportunity.

– **Deepfake Technology**:
– Scammers used sophisticated AI to clone Musk’s voice and images, creating realistic videos.
– Sensity reported Musk was the face of nearly 25% of all deepfake scams, especially in the cryptocurrency sector.

– **Widespread Impact**:
– Hundreds of thousands of fraudulent ads proliferated on social media, primarily targeting older individuals unfamiliar with safe investment practices.
– Facebook and YouTube took down millions of scam-related videos but many still remain online.

– **Criminal Tactics**:
– Scammers typically lure victims with low initial investments, promising unrealistic returns and extracting more funds step by step.
– Deepfake videos, despite some inaccuracies, present plausible appeals aligning with victims’ financial hopes.

– **Expert Insights**:
– Criminals exploit AI advancements to create more convincing scams, making detection increasingly difficult.
– Reports indicate that AI-driven scams could escalate significantly.

– **Legal Action**:
– Andrew Forrest filed a lawsuit against Meta for negligence in ad practices due to scam proliferation.

– **Conclusion**:
– Many victims like Beauchamp suffer financial losses and feel helpless as law enforcement struggles with the volume of fraud cases.

Beauchamp expressed regret over his experience, feeling foolish for falling victim to the scam, and highlighted the emotional toll of lost savings on his retirement plans.