Employee Duped by Deepfake Scam, Multinational Firm Loses $25 Million
Summary:
A multinational corporation has lost over $25 million in a sophisticated deepfake scheme. An employee was tricked into transferring funds after receiving a counterfeit message from the company's CFO, inviting them to a video conference where deepfake versions of executives convinced them to approve multiple transactions. This marks the first case of its kind in Hong Kong, amid an alarming rise in similar scams across the region.
In a sophisticated scam involving deepfake technology, an employee of a global corporation was deceived into transferring over $25 million of the company's money. RTHK, Radio Television Hong Kong, reported that the scheme began last month when the staff member received a counterfeit message from the firm's CFO inviting them to engage in a confidential video conference. The fraudsters used deepfake versions of several company executives to persuade the worker to direct $25.5 million from the corporation's account in the course of 15 transactions to five distinct bank accounts.
Acting Senior Superintendent Baron Chan from Hong Kong police force's Cyber Security Division believes that the scammers acquired and utilised former footage of the company's executives to devise the deepfake imposters. Chan quoted “I suspect the scammer obtained videos beforehand and used artificial intelligence to synthesize fake voices for the video conference”, asserting that the individuals in the meet seemed authentic. The data breach was only discovered by the employee after contacting the corporate headquarter.
This being the inaugural case of its nature in Hong Kong makes it even more significant, especially with the rampant increase in deepfake scams across the region. Chan emphasized the importance of public alertness towards these evolving scam tactics and highlights the potential for fraudsters to misuse AI technology in virtual meetings, urging people to maintain vigilance even in crowded meetings.
Deepfakes have been causing concern in recent times, even attracting the scrutiny of U.S legislators in the wake of Forge photos of Taylor Swift circulating widely. Congressman Joe Morelle of the United States is especially keen on making the production of deepfake images illegal nationwide.
The Cyber Security Division, operating under the Hong Kong police force, focuses on combating technology-related crimes and preserving online safety for citizens. As part of this commitment, a metaverse platform was launched in May of the previous year, which aimed to prepare its citizens for "the trials of the digital age," majorly focusing on preventing technology crimes.
Published At
2/5/2024 6:50:07 AM
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