SBI categorically denied any association with such platforms and urged individuals to verify investment-related information through its official website, social media handles, or local branches. The bank emphasized that it does not endorse or support any investment services that promise guaranteed or unrealistic returns.
In a statement published on its official X (formerly Twitter) account, SBI stated:
“State Bank of India cautions all its customers and the general public about many deepfake videos being circulated on social media, falsely claiming the launch of an AI-based platform showcasing lucrative investment schemes supported by SBI in association with the Government of India and some multinational companies. These videos misuse technology to create false narratives and deceive people into making financial commitments in fraudulent schemes. We clarify that SBI does not endorse any such schemes that promise unrealistic or unusually high returns.”
Deepfake technology, which uses AI to fabricate convincing videos by manipulating facial expressions and voices, has increasingly been used to impersonate public figures and create fake endorsements. These videos often feature what appear to be real speeches or statements by senior officials or celebrities, misleading viewers into believing in illegitimate financial products.
This isn’t an isolated incident. Earlier this year, a deepfake video showing India’s Union Finance Minister allegedly promoting an investment platform was debunked by the government’s PIB Fact Check.
The video, which falsely claimed that viewers could earn a steady daily income through the platform, was confirmed to be digitally altered.
SBI’s warning is part of a broader effort to combat the misuse of emerging technologies for financial fraud. The bank is urging everyone to remain cautious and to avoid falling prey to such digital deceptions. Scammers are increasingly using advanced AI tools to exploit public trust and create a false sense of legitimacy.
To protect themselves, customers are advised to verify any financial information or offers through official SBI channels. Any suspicious activity or misleading promotional material should be reported immediately.
SBI’s proactive communication reinforces its commitment to safeguarding customers in an era where financial scams are becoming more sophisticated. The bank’s message is clear: do not trust any claims about investment opportunities unless they come directly from verified, official sources.
