MANILA, Philippines — Real estate and retail tycoon Manuel Villar has warned the public against a scam that uses a deepfake video of himself introducing a new investment platform.
In a statement, the country’s wealthiest man in the Forbes 2024 World’s Billionaires list cautioned Filipinos against a deepfake video going around that uses a doctored video of himself talking about an investment scheme.
“This is a scam. Deceptive individuals used an old footage and digitally altered, using AI, what I was saying,” Villar said.
“I urge the public to disregard that video,” he said.
In the deepfake video, Villar was shown introducing a “new life-changing platform” which seeks to help many people by investing a minimum amount which will then earn a certain amount per day in return.
The video then asks to click a link to know more about the fake investment platform.
“There is no such investment program,” Villar clarified.
“I enjoin the public to be more discerning and extra cautious when viewing posts and videos that use AI technologies and that promise easy money or success,” he said.
Villar reminded the public that there is no such thing as easy money.
“There is no substitute to good, old fashioned sipag at tiyaga in achieving success in life,” he also said.
Villar, chairman of the Villar Group, maintained his position at the top of the country’s richest list, ranking No. 190 with a net worth of $11 billion in Forbes 2024 World’s Billionaires list.
He was the only Filipino who made it to the top 200.
The Villar Group said it is committed to safeguarding the interests of its shareholders and stakeholders by adhering to the highest standards of corporate governance.