Tycoons fall prey to deepfake scams

MANILA, Philippines — Tycoons Ramon Ang and Enrique Razon Jr. are cautioning the public against deepfake scams and fake ads on social media that are using their names for fraudulent investment schemes.

San Miguel Corp. (SMC) chairman and CEO Ramon Ang yesterday issued a fresh warning to the public about the spread of fake videos and online ads that falsely use his name and image to promote illegal investment activities.

The videos, which appear as paid ads on Facebook, Instagram and other social media platforms, are made to look like real news reports using advanced technology like deep fakes to mislead people.

“These fraudulent ads are harming a lot of people. We need to put a stop to them. I’m calling on government agencies, social media companies and the public to work together to stop those behind these scams and prevent others from getting victimized,” Ang said.

Ang reiterated that he is not endorsing any investment schemes and is not supporting or taking part in any kind of online investment offer.

He said that SMC is looking into legal action and is ready to support investigations and possible prosecution of those behind the scams.

To help protect the public, SMC has been coordinating with authorities to track down those responsible.

Ang also urged Meta and other platform owners to strengthen their approval processes for paid ads – especially those using the names and faces of public figures without permission.

“These tech platforms have the tools to stop this. We’re asking them to do more to protect users,” he said.

International Container Terminal Services Inc. also warned the public against online scams using manipulated videos and audio recordings to impersonate Razon, the company chairman, and other senior executives.

According to the company, the fraudulent materials, which have appeared on social media, falsely portray Razon promoting investment opportunities.

“These claims are entirely untrue. Neither Mr. Razon nor ICTSI has endorsed any such investments,” the company said.

ICTSI said the scam content is designed to appear convincing and may include offers that seem legitimate.

“ICTSI emphasizes that these are not authorized and are intended to mislead viewers,” it said.

To help protect against online fraud, ICTSI is urging the public to be cautious when engaging with online content that references ICTSI or the Razon Group.

The public is likewise encouraged to avoid sharing personal or financial information with unfamiliar sources and report suspicious content or impersonation attempts to the platform involved.

Scammers are weaponizing technology and using prominent business personalities and groups as their means for their illegal investment schemes.

Aside from Ang and Razon, other tycoons such as Manuel Villar Jr. have also been exploited for fraudulent activities.