RBI cautions investors, says ‘deepfake videos’ of Governor Shaktikanta Das circulating on social media

The Reserve Bank of India (RBI) issued a circular on Tuesday, November 19, warning investors to look out for deepfake videos of Governor Shaktikanta Das circulating on social media platforms which claim to launch some RBI-backed investment schemes. 

The deepfake video is trying to promote the launch of or support some RBI-backed investment schemes. They are attempting to provide people with investment advice and get them to invest their money in these investment options using technology tools known as deepfake videos.

“It has come to the notice of Reserve Bank of India that fake videos of the Governor are being circulated in social media that claim launch of or support to some investment schemes by the RBI. These videos attempt to advise people to invest their money in such schemes, through use of technological tools,” said the central bank in an official statement on Tuesday.

What are deepfake videos?

Deepfakes are generally photos, videos or even audio which are edited or generated through the use of artificial intelligence (AI) tools to replicate real or non-existent people. The word deepfake originated from deep learning to create and disseminate fake pictures, videos, or audio on social media platforms. 

People can use this type of technology to mask a person's face and use artificial intelligence platforms to generate a mapped face of someone else's face on another person's body, and so on. After the expansion of AI intelligence, it has become difficult to identify the difference between a deepfake and a real video, as AI has become more efficient and accurate at visual representation.

RBI Clarification

On Tuesday, the Reserve Bank of India clarified that no official from the central bank is involved in such activities, marking these videos circulating on social media as fake. 

“RBI clarifies that its officials are not involved in or support any such activities and these videos are fake. RBI does not give any such financial investment advice,” said the central bank. 

RBI also cautioned the public to be aware and refrain from engaging with such posts. This is to prevent investors from falling prey to such deepfake videos circulated over social media, as per the official circular issued on November 19.