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BFSIMediumJune 10, 2024
NSE issues warning over deepfake CEO stock recommendation videos
Retail investors were targeted by deepfake videos of the National Stock Exchange CEO giving false investment advisories. The National Stock Exchange of India (NSE) had to issue public warnings after deepfake audio and video clips surfaced on social media depicting its MD and CEO, Ashishkumar Chauhan, falsely recommending specific stocks to retail investors. The exchange noted that sophisticated technology was used to mimic his voice and facial expressions to deceive the public.
What caused this
- Malicious actors used generative AI to clone the voice and facial expressions of the NSE chief.
- Lack of cryptographic watermarks or provenance metadata on authentic executive communications.
- Social media platforms failed to detect and filter the synthetic financial advice before it reached retail investors.
How this could have been avoided
- Provenance tagging: Implement C2PA standards or digital watermarks on all official corporate communications.
- Active threat monitoring: Deploying AI-driven brand protection tools to actively scan social networks for synthetic impersonations.
- Regulatory enforcement: Adherence to MeitY advisories requiring platforms to swiftly identify and remove deepfake financial misinformation.
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