Bank of England Warns of AI-Generated Scams as Deepfakes of Farage-Bailey Fight Spread

AI Summary

The Bank of England has warned the public against AI-generated scams after deepfake videos of Nigel Farage fighting its governor, Andrew Bailey, spread online. The governor urged people to be vigilant and report such scams to prevent exploitation.

The Rise of AI-Generated Scams

The Bank of England has warned the public against falling for AI-generated scams after deepfake videos of Nigel Farage fighting its governor spread online.

The Deepfake Videos

Andrew Bailey, the head of the BoE, said AI-generated content related to central banks was spreading and urged people to be "vigilant". The governor spoke out after deepfake videos of the Reform UK leader and Bailey fighting on the set of BBC One's Question Time appeared on the social media platform X.

The Impact of AI Scams

Bailey urged the public to report the videos so they could be taken down. "Unfortunately, fake adverts impersonating the Bank of England and other central banks are on the rise," he said. "These scams are designed to criminally exploit the public, especially the vulnerable, when they are online. I would urge everyone to stay vigilant and report these scams. That way authorities can better root out digital deception like this and permanently remove the fraudsters responsible for what is a truly online scourge."

The Future of AI Regulation

The UK's online safety act contains provisions requiring tech platforms to tackle fraudulent advertising. However, those duties do not come into force until next year. X has been approached for comment. The platform, which is owned by Elon Musk, explicitly bars impersonation of individuals to "deceive others".