3 Add a new layer (Layers>New Raster Layer). Then, Floodfill text selection with #ff0000 (red) color. Apply Inner Bevel Filter (Effects>3D Effects>Inner Bevel) using the previous settings.
Inner Bevel Settings:
4 Deselect selection by pressing CTRL+D. Make sure your active layer is Raster 2 (red font layer). Pick the Eraser Tool and randomly erase the lower portion of the red text revealing the black text as shown below.
text selection with #ff0000 (red) color. Apply Inner Bevel Filter (Effects>3D Effects>Inner Bevel) using the previous settings.
and randomly erase the lower portion of the red text revealing the black text as shown below.
