Commonwealth Bank of Australia (ASX: CBA) shares are frequently sought after for their passive income potential.
The S&P/ASX 200 Index (ASX: XJO) bank stock has a lengthy history of making two annual, fully franked dividend payouts each year.
Over the past 12 months, CBA shares have delivered an interim dividend of $2.10 per share and a final dividend of $2.10 per share.
That’s $4.20 per share in passive income right there.
At the current price of $100.00, CBA shares trade on a trailing yield of just over 4.2%, with potential tax benefits.
It’s with this in mind that scammers have chosen to launch a bogus online ad promoting CBA’s non-existent “automatic platform for passive income”.
What new passive income scam are fraudsters running?
Buyer beware.
There’s no shortage of online fraud these days.
In recent weeks, a new scam emerged in the form of a deep-fake video. The con uses a computer-generated likeness of CBA CEO Matt Comyn to promote a passive income product. But this product won’t help boost CBA shares, because it’s wholly fictional.
As The Australian Financial Review reports, the video posted on Facebook and Instagram shows a very real-looking Comyn speaking to viewers about the supposed new financial product.
“We launched an automatic platform for passive income. You invest in gold, banks, stocks, funds and other profitable instruments. The platform will automatically generate profits,” the fake Comyn says.
But watch and listen closely, and you might notice that Comyn’s accent is off. And his lips don’t quite synch up with the words he’s saying.
Viewers who follow the bogus instructions are directed to the scammers’ website, promoting their supposed quantum AI tool.
The United States registered website brazenly promises:
The system makes great amounts of money on the basis of data analysis. It is available to every Australian citizen. It is very easy to use, and it is suitable for anyone, from retired people to businessmen.
People who chase this false passive income promise linked to CBA shares will then be contacted by the fraudsters who’ll seek their bank account details.
CBA is aware of the scam and warned its customers of the deep fake video late last month.
“We urge everyone, not just our customers, to be extremely sceptical of any such ‘opportunity’,” James Robert, CBA’s general manager of fraud, said.
How have CBA shares been tracking?
CBA shares are trading 0.65% higher today and are up 14.6% over the past 12 months.
Throw in the passive income from those dividends, and the accumulated value of CBA shares is up more than 18% since this time last year.
