Fake Elon Musk Videos Are Being Used For Investment Scams; Here's How To Be Safe

Elon Musk's fake video is being used for investment scams

South Simcoe police have warned people about an online scam that is using a fake video of billionaire Elon Musk and duping victims by offering them investments. Authorities inform that the scams start with an ad on YouTube or some other social media platforms. In the two cases that have been reported, the ad showed a fake video of Musk offering investments starting at $250. Those watching the ad are directed to click a link and then share their contact information.

The police say that the scammers are calling the whole scheme "lucrative" to target the victims. "In these scams, suspects often establish remote access to the victim’s computer. The suspects transfer funds from the victim’s account to a bogus website that falsely depicts the victim earning large returns. Scammers take the funds and continue to urge more investments with increasing dollar values."

Scammers take the funds and continue to urge more investments with increasing dollar values, the service said. In both the reported cases, the family stepped in after they found out about the scam and stopped them from losing more money. 

Police advice to prevent people from being duped by investment scams

Police have now offered a set of guidelines and precautions to help people become more aware which will in turn make them less susceptible to these scams. Police are asking everybody to be cautious when it comes to giving access to one's computer. Police warned that the scammers often ask the victims to install programs like AnyDesk or TeamViewer that help them steal information from your computer. 

Authorities are also asking people to research carefully before investing money. Researching includes verifying all the credentials and also knowing about the source. Knowing that what looks too to be true, probably is. Therefore, being skeptical of high-return investments with no risk is always a good idea. Police also asked people to resist high-pressure sales tactics to force them into making quick decisions. At this point, we all know that sharing information and sending money online is always a bad idea until and unless the sources are confirmed.  

Anybody who feels that they have been scammed can report it to South Simcoe Police Service at 905-775-3311 or 705-436-2141, per CollingwoodToday. 

Not the first time Elon Musk's name is being used for fraud

Back in 2022, a crypto investment scam was circulating on Facebook. The scam asked people to create an account and invest in a fraudulent crypto investment platform. The campaign reached potential victims through ads, Facebook, and email. By doing this, the scammers successfully scammed people and many people lost at least $250 in the scam. In recent times, the cryptocurrency community has also been plagued by scams that involve using Elon Musk's image to promote fake SpaceX tokens.

Steps you can take to sheild yourself from investment scams

One thing to remember is that no matter how great the fraudster is at his job, they are always counting on you to make one mistake and that is trusting them. A scammer is extremely weak without your faith and trust and therefore you need to research and verify at every step. Here are certain things you can do.

Research before you invest: It's important to always be skeptical of unsolicited emails, and message board postings. Therefore, know the company before you invest in that company. 

Know the person pitching and selling: Spend some time trying to know the person touting the investment. It's important to know if the person is licensed to sell securities in your state. 

Protect yourself online: This is an extension of the second point. It is important to protect your information and yourself online as people are waiting to scam you by simply using anonymity and social engineering.