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Ben Fordham: The alarming new financial scam every Australian needs to know about – but there’s one clue that will tell


2GB host Ben Fordham has warned Aussies about alarming new AI video scams.

Scams usually involve fake videos created using artificial intelligence.

These videos can be edited to make it look like someone said or did something they never did.

Financial expert Peter Switzer is the latest high-profile Australian to be used by scammers in an AI video.

His face is used to trick people into investing in bogus get-rich-quick schemes.

2GB host Ben Fordham has warned Aussies about alarming new AI video scams.

Mr Switzer was left speechless after 2GB host Ben Fordham played him a video about an AI scam currently circulating on social media.

“Join our stock club and get free stock diagnostic services where the world’s leading stock experts give you…” he appears to say in the clip.

«Who is this man talking about?» Fordham asked.

«Yeah, that sounds like me in my younger days,» Mr. Switzer replied.

“It’s you, it’s the video that’s doing the rounds right now. It’s an AI scam. You promote a stock club and they post stock information every day before 7 p.m.,” Fordham said.

‘Oh my god. How do we make sure people know it’s not me?” Mr. Switzer asked.

Fordham said the sign that the video was fake came when Mr Switzer’s accent changed from Australian to American halfway through the full video.

«So there’s a little hint there,» Fordham said.

«But people recognize your face, they have your face – your mouth moves – we just saw that this morning.»

«Join our stock club and get free stock diagnostic services where the world’s leading stock experts give you…» Peter Switzer (pictured) appears to say in the clip

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Mr Switzer (pictured) was left speechless after Ben Fordham played the audio of the hoax video currently circulating on social media on 2GB Radio on Friday.

Mr Switzer (pictured) was left speechless after Ben Fordham played the audio of the hoax video currently circulating on social media on 2GB Radio on Friday.

It comes just months after ex-Sunrise presenter David Koch threatened legal action as fraudsters continue to use his digitally altered images to rip off Aussies.

The fed-up business journalist and former Sunrise host took to Twitter in October to post an AI-generated photo of himself looking bloodied and bruised.

Koch has flagged down the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) in a desperate bid to stamp out the latest scam.

The digitally edited image shows Koch with two black eyes and a horrified expression with the caption: «This is the dark truth behind the incident.»

He told 2GB’s Ben Fordham that he was looking at legal options against social media platforms that post fake ads.

«I’m so frustrated with this that I’m looking for a defamation suit against the social media platforms that run these ads because it’s hurting me,» he fumed.

‘People make the mistake of thinking, «I did it because you told me to.» It’s all a huge scam using high profile people and it’s really destroying our reputation.»

David Koch calls on ACCC to take action after fake news article (pictured)

David Koch calls on ACCC to take action after fake news article (pictured)

Gary Meachen, 71, from Broke in the NSW Hunter Valley, lost $411,000 after being duped by a Facebook video that promised viewers get-rich-quick.

The clip featured edited footage of billionaire Elon Musk allegedly discussing a cryptocurrency scheme with a set of high-profile individuals.

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Among them were Prime Minister Anthony Albanese, Sunrise presenter Natalie Barr, Today presenter Karl Stefanovic and commentator Piers Morgan.

Footage of well-known political and entertainment identities was then manipulated to appear as if they were discussing the scheme.

Mr Meachen, a longtime admirer of Musk, was told he was one of 45 chosen to get the chance to make life-changing money.

A 71-year-old NSW man has revealed how he lost $411,000 in a Facebook scam that involved Elon Musk and Anthony Albanese (pictured) in a get-rich-quick scheme.

A 71-year-old NSW man has revealed how he lost $411,000 in a Facebook scam that involved Elon Musk and Anthony Albanese (pictured) in a get-rich-quick scheme.

Gary Meachen lost his entire life's savings after being duped by a video that featured billionaire Elon Musk discussing a cryptocurrency scheme with a set of high-profile individuals.

Gary Meachen lost his entire life’s savings after being duped by a video that featured billionaire Elon Musk discussing a cryptocurrency scheme with a set of high-profile individuals.

He gave his card details to the fraudster to make a purchase and each time he tried to withdraw money he was convinced to invest more.

In the end, Mr. Meachen was left with nothing and is now dependent on his pension.

According to the ACCC, Australians will lose $2.7 billion to fraud in 2023, with more than 623,000 fraud reports made this year alone.

Investment scams stole more than any other scam, accounting for $1.3 billion.

Experts believe older Australians are being targeted by fraudsters because they are less tech-savvy and more likely to have savings and a pension.

Losses among the over-65s increased by 13.3 percent to $120 million in 2023, with this age group disproportionately affected by investment schemes.



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