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Social Media Scams Target Sri Lankans with Fake Celebrity Endorsements
Sri Lankan social media users are being bombarded with sophisticated investment scams that falsely use the identities of prominent public figures to lure victims, an investigation by Factcrescendo has revealed.
These fraudulent schemes promise extraordinary returns—such as earning Rs. 750,000 monthly from a Rs. 75,000 investment—and claim to be endorsed by high-profile individuals including President Anura Kumara Dissanayake, Prime Minister Harini Amarasuriya, billionaire Dhammika Perera, and celebrities like singer Yohani de Silva.
The scams follow a consistent pattern: fabricated social media posts show well-known personalities supposedly promoting investment platforms with unbelievable profit margins. These posts contain links to registration pages where users are prompted to provide personal information or make initial investments.
One widely circulated scam claims President Dissanayake announced a government program allowing citizens to convert Rs. 75,000 into a Rs. 750,000 monthly income. The posts include doctored videos purporting to show the President making such announcements.
Similar schemes falsely attribute endorsements to Charith from the popular “WildBook” channel, claiming he revealed a method to turn Rs. 75,000 into Rs. 300,000 in just one day. Entrepreneur Otara Gunawardene was also falsely depicted as promoting these investments.
Another variant targets cricket fans by associating former star player Kumar Sangakkara with these schemes, while yet another fabricates statements from Prime Minister Amarasuriya, claiming she announced an investment opportunity during a News First “Face to Face” interview.
Factcrescendo’s investigation found no legitimate media coverage of any such government investment programs. Neither the Finance Ministry nor the President’s Media Division has issued statements confirming such initiatives.
The Sri Lanka Computer Emergency Readiness Team (SLCERT) has confirmed these are fraudulent online scams and warned the public to remain vigilant. Cybersecurity expert Asela Waidyalankara explained that these schemes are designed to steal personal information or Facebook login credentials through malicious links.
“These sophisticated scams create a false sense of legitimacy by exploiting public trust in well-known figures,” Waidyalankara noted. “The ultimate goal is either to collect sensitive personal information or convince people to invest in non-existent platforms.”
The investigation revealed that videos featuring Charith N. Silva, Yohani de Silva, and Dhammika Perera had been manipulated using deepfake technology or deceptively edited to make it appear they were discussing these investment opportunities. In reality, none of these individuals had made such statements.
For instance, a review of Yohani’s full interview on the “Dhanuta Kiyanna” program confirmed she never discussed investments or cryptocurrency, contrary to what the fabricated posts claimed.
The scammers have also created counterfeit news articles designed to mimic legitimate news outlets like Ada Derana and News First, further lending credibility to their schemes.
Financial experts warn that promises of extraordinary returns—such as tripling investments within a month—should be immediate red flags. Legitimate investments simply don’t offer such unrealistic profit margins.
The scams have raised concerns about the growing sophistication of online fraud in Sri Lanka, where digital literacy rates vary widely. The Central Bank of Sri Lanka has previously issued warnings about unlicensed investment schemes that promise extraordinary returns.
Authorities advise citizens to verify any investment opportunities through official channels, avoid clicking suspicious links, and report fraudulent schemes to the police or SLCERT.
These scams come at a particularly vulnerable time for Sri Lanka, as the country continues to recover from a severe economic crisis that has left many citizens seeking additional income sources, making them potential targets for such fraudulent schemes.
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13 Comments
These scams are not just an issue in Sri Lanka – they’re a global phenomenon fueled by social media. Investors everywhere need to be extremely cautious and verify any claims, no matter how convincing the endorsements may seem.
Sadly, investment fraud is nothing new, but the speed at which these scams can spread online is alarming. Improved financial literacy and consumer protection measures are crucial to stemming the tide of these predatory activities.
It’s disheartening to see scammers weaponizing the trust and influence of public figures to dupe innocent people. Celebrities should be more proactive in protecting their reputations and distancing themselves from any fraudulent activities.
These investment scams are a stark reminder that no one is immune to financial fraud, no matter their status or wealth. Vigilance and skepticism are key when evaluating any investment opportunity, especially those touting celebrity endorsements.
This is a timely warning about the rise of social media scams targeting Sri Lankans. It’s crucial that people remain vigilant and double-check any investment opportunities before handing over their money, no matter who is allegedly endorsing them.
Absolutely, far too many people fall victim to these slick online investment schemes. Education is key to preventing further losses.
It’s deeply concerning to see public figures like the President and Prime Minister being exploited by these scammers. They need to take stronger action to shut down these fraudulent activities and protect their citizens.
Cryptocurrency and other emerging financial technologies have made it easier than ever for scammers to reach a global audience. Increased regulation and consumer education are essential to protect people from these predatory schemes.
Fraudulent investment schemes using celebrity endorsements are a serious problem that governments worldwide must address. Stricter regulations and enforcement are needed to safeguard vulnerable populations from these predatory practices.
Doctored videos and fake social media posts are just the latest tactics in the scammer’s playbook. Fact-checking and due diligence are essential to avoid falling for these sophisticated investment schemes.
It’s disheartening to see that even high-profile individuals are being exploited by these scammers. Authorities must take decisive action to shut down these fraudulent operations and hold the perpetrators accountable.
Absolutely disgraceful that scammers are preying on vulnerable Sri Lankans with these fraudulent investment schemes. Celebrities must be more careful about their endorsements and protect their reputations. Investors should always verify claims and never trust get-rich-quick offers.
Agreed, these scams are reprehensible. Authorities need to crack down hard on these con artists and do more to educate the public on spotting financial fraud.