SEC warns against 'Lance Gokongwei' deepfakes promoting scams

MANILA — The Securities and Exchange Commission (SEC) has warned the public against deepfakes of JG Summit Holdings president Lance Gokongwei supposedly soliciting investments making the rounds on social media

JG Summit owns Robinsons Malls, Robinsons Land, budget airline Cebu Pacific, and manufacturing giant Universal Robina Corp.

In a statement, the SEC said fake videos of Gokongwei encouraging the public to invest in an electronic platform registered in Nicosia, Cyprus have been spreading.

These videos ask users to give the their credit card numbers and a one-time password sent to their mobile phones.

Once the victims try to withdraw their earnings, they would lose contact with their agents, the SEC said.

The securities bureau asked the public not to entertain offers to invest in opportunities allegedly endordsed by celebrities and other famous personalities.

"To be secure, always check with SEC to confirm the legitimacy of offering, of the offeree and of the security or investment product being offered," the SEC said.

CICC warns vs deepfake video using President's image to promote online trading

A group has asked lawmakers to enact laws that will allow the government regulate social media and other platforms and to curb the spread of deepfakes, as news personalities, business tycoons and celebrities continue to become victims of fake video and audio content on social media.

Legislators, gov’t urged to enact regulations to avert 'widespread' deepfake disruption