The State Bank of India (SBI) has issued a strong public caution following a surge in deepfake scam videos circulating on social media. These deceptive videos falsely claim that SBI, in partnership with the Government of India and multinational corporations, has launched an AI-based investment platform offering unusually high returns. The bank has clarified that these claims are entirely false and that it has no association with such schemes.
Scammers are exploiting deepfake technology to impersonate public figures and senior officials, creating promotional content that appears highly credible. These manipulated videos mislead viewers into believing the legitimacy of the platforms and trick them into making financial commitments. SBI has urged customers and the general public to verify information only through the official website, official social media handles, or their nearest branch. They’ve specifically warned people not to engage with or fall prey to such fraudulent content.
Earlier this year, a similar deepfake incident surfaced featuring a digitally altered video of Finance Minister Nirmala Sitharaman endorsing an investment platform—an incident that was quickly flagged as fake by PIB Fact Check. SBI has reiterated that it does not endorse any investment schemes promising unrealistic or abnormally high returns.
As deepfake threats grow more sophisticated, this incident serves as an important reminder of the risks posed by AI misuse. Public awareness and digital vigilance remain key in preventing financial fraud.
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