Bank Negara Warns Against AI-Generated Scams Impersonating Governor

Bank Negara Malaysia (BNM) has issued a stern warning to the public to remain vigilant against a surge of online advertisements that utilize deepfake technology to impersonate the central bank’s governor, Datuk Seri Abdul Rasheed Ghaffour.

According to the original publisher, this marks at least the second time this year that the central bank has been forced to publicly address the misuse of its leadership’s digital likeness. The fabricated content is designed to lend a veneer of official credibility to fraudulent investment platforms, aiming to lure unsuspecting victims into parting with their money under the guise of government-sanctioned financial opportunities.

The sophistication of these scams has evolved beyond simple image manipulation. In a previous instance identified in May, bad actors circulated AI-generated footage that appeared to show the Governor and several senior BNM officials during a broadcast of the Malaysia Hari Ini programme on TV3. The clip used AI to mirror the voices and appearances of the officials, depicting a staged, chaotic scene of a physical altercation involving overturned furniture. The fabricated narrative was centered around a fictionalized debate on national issues such as inflation and loans, intended to manipulate public perception.

For Malaysian consumers and investors, these deepfakes represent a significant escalation in digital fraud. As artificial intelligence makes it easier to synthesize realistic video and audio, the traditional markers of a trustworthy financial advertisement—such as a recognizable face or a familiar news backdrop—can no longer be taken at face value. This trend places a greater burden on the individual to perform due diligence before clicking on investment links or engaging with online financial offers.

This threat hits the local economy at a sensitive time. While Malaysia’s real GDP growth sits at a robust 6.0% year-on-year, and the unemployment rate remains low at 3.0%, many households are already navigating a complex economic landscape. With headline inflation at 1.8% and the current fuel pricing structure—where RON95 is capped at RM2.05 for eligible users but floats at RM3.77 for others—many Malaysians are seeking ways to optimize their finances. Scammers are likely weaponizing this climate of economic sensitivity, using deepfakes to promise "get-rich-quick" returns to those looking to stretch their purchasing power.

The rise of these impersonations aligns with a concerning global trend where central bank governors are increasingly targeted by automated, AI-driven scams. The ease of access to generative AI tools means that these campaigns can be launched quickly and at scale. In Malaysia, the regulatory environment is struggling to keep pace with the speed of AI deployment, making the "human element"—critical thinking and direct verification—the final line of defense against financial loss.

For now, BNM has urged the public to immediately verify any suspicious content through official channels. The central bank emphasizes that any communication or promotion purportedly featuring the Governor or the institution should be cross-referenced with BNMLINK, the bank's official portal for public inquiries, before any financial decisions are made.

It remains unconfirmed how many individuals have fallen victim to these specific campaigns or the total monetary losses associated with these particular deepfake advertisements. Whether authorities can effectively track down the originators of these AI-generated clips or implement new digital authentication standards to protect public figures remains a challenge for future policy development.