Buffett issues warning over AI deepfake

Berkshire Hathaway’s chairperson says that anyone creating or consuming AI versions of him should remember that there’s only one true Warren Buffett. The company warned that AI-generated videos of its longtime CEO are circulating on YouTube, showing him making statements he never actually said.

Respondingly, Buffett, one of the world’s greatest investors, recently made clear his intentions to reach out to those responsible for creating or watching these AI-generated videos of him. He addressed that there is only one Oracle of Omaha. Notably, the “Oracle of Omaha” is a popular nickname for Warren Buffett.

AI impersonators have been increasingly focusing on Buffett, popularly known as the “Oracle of Omaha.” His company, however, noted that while the visuals may be convincing, the audio is typically generic and obviously fake.

Buffett said fake clips are spreading out of control

In a release, “It’s Not Me,” the company singled out a video titled “Warren Buffett: The #1 Investment Tip For Everyone Over 50 (MUST WATCH),” in which an AI-generated voice dispenses investment advice.

The company noted that those unfamiliar with Buffett may believe the video to be real. It added, “Mr Buffett is concerned that these types of fraudulent videos are becoming a spreading virus.”

Over the last few months, AI impersonations of public figures have increased. In May, the FBI even reported that criminals had used AI-generated voice calls and texts to pretend to be senior officials, trying to access government employees’ accounts.

Additionally, according to a JPMorgan report in July, an individual was led into transferring funds after thinking he was talking with higher-ups via video call; the “leaders” were actually AI-created deepfakes.

Buffett has been outspoken before about his frustration with AI impersonators. Weeks before the 2024 election, he warned that his name was being misused in fake endorsements and fraudulent investment pitches. He generally stayed out of politics, having previously supported President Barack Obama and Democratic candidate Hillary Clinton. He’s set to step down as Berkshire CEO at the end of the year, and vice chairman Greg Abel will succeed him.

Voice cloning advances fast

Last year, more than $16.6 billion in losses were attributed to cyber threats and fraud, representing a 33% increase from the previous year. The Identity Theft Resource Centre also flagged a 148% surge in impersonation scams, with criminals now using fake sites, AI bots, and cloned voices to trick victims.

Voice cloning has become unnervingly good, McAfee says. Cybercriminals can record just three seconds of audio and reproduce an identical voice in seconds. The majority of respondents in the survey cited by the report, roughly 70%, found it increasingly difficult to distinguish genuine voices from forgeries on the internet. Deloitte also wrote in its report that online cheating websites and tools used by fraudsters are now readily available on the dark web. Furthermore, Advance Direct Scotland also estimates that an AI fraud scam could take less than two minutes to establish.

Today, the fraudster’s favorite haunt is the financial sector. The Financial Crimes Enforcement Network issued a notice to U.S. banks in November 2024 regarding the rise in synthetic identity fraud. In its report, Deloitte also predicts that fraud losses will reach $40 billion by 2027, up from the $12.3 billion lost in 2023.

Join a premium crypto trading community free for 30 days - normally $100/mo.