The Rise of AI-Driven Scams

Artificial Intelligence (AI) has revolutionized many industries, offering convenience, automation, and efficiency. However, its potential for deception has also emerged as a significant concern. One of the most recent examples of this is an AI-generated scam targeting MAGA supporters, leveraging the likenesses of former President Donald Trump and billionaire entrepreneur Elon Musk.

The Illusion of Wealth: The Golden Eagles Project

In a carefully orchestrated scheme, AI-generated videos featuring Trump, Musk, and even the CEO of Bank of America promoted the so-called "Golden Eagles Project." These videos assured viewers that purchasing Golden Eagle coins would lead to financial prosperity, turning them into "Trump-made millionaires."

The scam operated on a simple yet deceptive premise: individuals were encouraged to buy gold-plated coins, falsely believing they held substantial value. Some were even told that these coins could be exchanged at Bank of America for large sums of money.

A Victim’s Perspective: The Story of Wesley Skelton

Among those deceived was Marine veteran Wesley Skelton from Pittsburg, California. Skelton, lured by the promise of immense returns, spent $2,500 on Golden Eagles, believing each coin would fetch $110,000 upon trade-in.

"He said that he was going to help people become millionaires. I could trade these in for cash at Bank of America," Skelton told ABC7. Driven by hope, he bought 324 Golden Eagles, expecting a windfall of approximately $35 million.

The Role of AI-Generated Videos

One of the primary dissemination channels for this fraudulent campaign was the Telegram app. A particular video featuring an AI-generated Elon Musk claimed that buyers could trade their Trump gold eagles at any Tesla shop for a brand-new Tesla or invest them in Tesla and SpaceX stocks.

These assertions, however, were baseless fabrications. No such trading or investment opportunities existed, yet the compelling nature of AI-generated content made them appear genuine.

Investigating the Truth: Are the Coins Worth Anything?

To verify the legitimacy of the Golden Eagles, an ABC7 reporter took the coins—emblazoned with Trump’s face on one side and the phrase "In God We Trust" on the other—to a professional coin shop.

Seth Chandler, owner of Witter Coins, immediately identified them as worthless. "Even touching them, I could tell they weren’t real gold," Chandler noted, adding that the supposed silver coins were likely just nickel.

The Aftermath: Seeking Refunds and Accountability

Skelton, like many others, attempted to recover his money. He was able to secure a partial refund of $600 through his credit card company, but the seller has since been unresponsive.

This incident is a stark reminder of the dangers posed by deepfake technology in financial fraud. It raises pressing questions about regulatory oversight and consumer protection in an era where AI-generated content can be nearly indistinguishable from reality.

Historical Precedents: A Pattern of Financial Deception

This is not the first time Trump supporters have faced financial losses due to misleading claims. During Trump’s first term, some supporters believed in a "revaluation" of global currencies, where all forms of money would be equal to the U.S. dollar.

As a result, many invested heavily in the Iraqi Dinar, expecting its value to skyrocket. However, no such revaluation occurred, leaving investors with worthless foreign currency.

Lessons to Learn: Avoiding AI Scams

With the rise of AI-generated deception, it is crucial to stay vigilant. Here are some key takeaways to avoid falling victim to similar scams:

• Verify sources: Cross-check any financial claims with official sources before making investments.
• Recognize deepfake technology: Be skeptical of videos featuring prominent figures making too-good-to-be-true offers.
• Avoid impulse purchases: If an opportunity seems urgent and pressuring, take a step back and investigate thoroughly.
• Consult financial experts: Seek advice from trusted financial professionals before making investment decisions.