Scammers utilizing deepfake technology successfully deceived an employee at a multinational firm, leading to the transfer of over $25 million in company funds. The elaborate scam involved impersonating multiple company executives in an online video meeting.
According to Acting Senior Superintendent Baron Chan of the Hong Kong Police Force’s Cyber Security Division, the incident began last month when the employee received a fraudulent message from the firm’s chief financial officer, inviting them to a video call to discuss a confidential transaction.
The scammers employed deepfake technology to impersonate several company executives convincingly, persuading the employee to send $25.5 million from the firm across 15 transactions to five different bank accounts. It is believed that the scammers used previously captured video footage of the company’s executives and applied artificial intelligence to manipulate their voices for use in the video conference.
The employee only became aware of the scam after consulting the company’s head office. This incident represents the first of its kind in Hong Kong, occurring within a region that has seen a significant increase in deepfake-related scams.
The Hong Kong Police Force’s Cyber Security Division aims to alert the public to these new deception tactics. They are responsible for combatting technology-related crimes and promoting online safety. As part of these efforts, they launched a metaverse platform in May 2023 to prepare citizens for challenges in the digital age, particularly in preventing technology-related crimes.
Deepfake technology has also garnered attention in the United States, with lawmakers addressing concerns after the widespread circulation of fake photos, such as those of Taylor Swift. U.S. Representative Joe Morelle has called for the criminalization of deepfake image production in the country.
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