Artificial Intelligence: Uncovering Stock Market Scams

SSI Securities Corporation has recently uncovered an imposter group on Zalo impersonating the company and its senior leadership through live-streaming investment advisory sessions. The fraudsters created a Zalo account and employed AI technology to impersonate Mr. Nguyen Duy Hung, Chairman of SSI Securities Corporation. As SSI states, “From the Zalo platform, the imposter directed users to a private group on Telegram, where they used AI to create fake images and videos of Mr. Nguyen Duy Hung offering stock investment advice to entice investors into their trap.” SSI recommends investors to heighten their vigilance and remain cautious when engaging in digital transactions.

A similar incident of impersonation has occurred with Hoa Phat Group, where the imposters forged the signature of Mr. Tran Dinh Long, Chairman of the group, to solicit investments in fake projects. However, the group has clarified that they do not solicit investments in any of their projects.

Meanwhile, MBS, another securities company, has received complaints from customers who were lured and advised to transfer money for stock purchases. The victims lost their money immediately after sending it to the fraudsters. MBS revealed that the scammers often impersonated MBS customer service staff and stock consultants, inviting and enticing people to join Zalo/Telegram groups for expert advice. The fraudsters also used the company’s headquarters and branch addresses, as well as the names and positions of its senior leaders and management, to convince potential victims.

VNDIRECT Securities Corporation also encountered a case in May where an investor was instructed to transfer VND 422 million to a bank account (number 456932158, held by “CONG TY CO PHAN CHUNG KHOAN VNDIRECT”) for stock trading. This scam exploited the absence of punctuation in bank account names to deceive investors.

High-tech Fraud

Mr. Vo Do Thang, Director of the Athena Network Security Consulting and Training Center, shared his insights with Tien Phong newspaper, stating that the perpetrators of online fraud are no longer individuals but well-organized groups with a professional setup and cross-border operations. These groups commonly exploit fellow Vietnamese, making it nearly impossible to trace the fraudsters once the victims realize they have been scammed.

“I receive multiple friend requests and invitations to investment groups daily, sometimes up to 10 groups, covering gold, stocks, real estate, and new-style 4.0 investments. Most of these groups exhibit signs of fraud,” said Mr. Thang.

The tactics used by these fraudsters are constantly evolving, incorporating advanced technologies like AI. Mr. Thang suggested that investors can look out for certain signs to identify potential scams. Firstly, the promise of abnormally high-interest rates is a common bait used by fraudsters. They usually pay the initial interest on time to build trust and then gradually ask for larger investments before disappearing. Secondly, fraudsters rarely reveal their true identities and often create fake personas or impersonate well-known businessmen to establish credibility.

Mr. Thang advised investors to be cautious of deepfake technology, even in live streams or calls featuring prominent businessmen. Instead of passively consuming the content, viewers can take control by turning it off and requesting a callback or asking direct questions that are off-script. If the entity on the other end is an AI, it won’t be able to respond smoothly.