There has been a surge in fraud targeting the informationally disadvantaged with AI-based videos that tell people, 'There's actually an easy way to repay your debt, but the bank doesn't want you to know about it.'
Many people have probably seen scam videos on video streaming services like YouTube that use celebrities' faces and AI voices to lure people into investing. Even in English-speaking countries, scams are rampant, tricking people into paying off their debts with very attractive stories that suggest there's actually an easy way to pay off your debt, but banks don't want you to know about it. YouTuber
Exposing a $10,000,000,000 Debt Industry - YouTube
According to Coffeezilla, in English-speaking countries, there are a large number of short videos posted that tell the same story: 'There's actually an easy way to pay off your debt, but banks don't want you to know about it.'
The short videos vary in style, from those featuring celebrities to those featuring AI-generated males and females. A notable feature is the large number of videos posted, featuring people of different genders and races, as if testing which videos would get the most impressions. These videos lead to information about debt consolidation companies, and if you are persuaded to sign a contract with a debt consolidation company, you will be charged high fees.
There is also a video that claims that the Department of Veterans Affairs has announced a debt consolidation program for veterans.
However, while the image used in the background of the video above appears to be an official Department of Defense page, it is actually a doctored version of a completely different page that
Debt consolidation companies target people with debt through advertising campaigns like the one above. A former debt consolidation worker told Coffeezilla that they attract people by advertising attractive loans, then check their credit reports to select those with debt and lure them into debt consolidation.
The graph below shows the percentage of lawsuits filed in the United States by type, with the yellow 'debt consolidation lawsuits' trending upward. Based on this, Coffeezilla argues that 'debt consolidation companies are not only hiding the true nature of their business, but also the risk of problems arising from debt consolidation.'
Coffeezilla asked several lawyers what to do if you can no longer repay your debts, but not a single lawyer said, 'You should ask a debt consolidation company.' All of them said, 'You should consult a lawyer who is familiar with bankruptcy procedures.'
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