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Major warning for Aussies as Barefoot Investor Scott Pape and ‘Twiggy’ Forrest caught up in wave of deepfake investment scams
Australian authorities have issued a fresh warning after a wave of deepfake videos falsely using the likenesses of financial commentator Scott Pape, known as the Barefoot Investor, and mining magnate Andrew "Twiggy" Forrest to promote bogus investment schemes. The AI-manipulated clips are designed to lend fraudulent products credibility by making it appear that these well-known and trusted public figures are personally endorsing them, putting everyday Australians, particularly those managing retirement savings, at risk of financial loss.
Neither Pape nor Forrest is connected to the schemes being advertised, and both have had their images and voices used without consent as part of a broader trend of scammers exploiting generative AI to create convincing fake endorsements. Regulators are urging the public to be sceptical of investment advertisements circulating on social media that feature celebrities or well-known financial figures, and to verify any such offers through official channels before committing money.
In short
- Deepfake videos falsely show Barefoot Investor and Twiggy Forrest endorsing scams
- AI-generated clips aim to trick Australians into fake investment schemes
- Neither public figure is involved; regulators warn public to stay vigilant
Explained simply
Criminals are using artificial intelligence to create deepfake videos – fabricated footage made to look and sound authentic – featuring well-known public figures. These fake videos falsely portray these people endorsing bogus investment products, lending the schemes a false sense of credibility.
The two public figures whose likenesses have been misused are Scott Pape, a financial commentator known as the Barefoot Investor, and Andrew "Twiggy" Forrest, a prominent mining magnate. Scammers deliberately chose them because they are trusted voices in Australia, making fabricated endorsements from them particularly convincing to potential victims.
Deepfake technology can produce videos that are difficult to distinguish from genuine footage. Australians managing their retirement savings are particularly at risk of losing money if they believe investment schemes are genuinely endorsed by these respected public figures.