Deepfake scammers stole $25m from a Hong Kong corporation

Image generated using Microsoft Designer

The attackers created a deepfake of the CFO of one of Hong Kong's largest corporations and convinced a company employee to transfer $25 million to them during a video conference.

Here's What We Know

According to the police, the fraudsters carefully prepared for the scam. They studied the working processes in the company and modelled the image of the CFO with the help of deepfake technology. They also created digital copies of other employees of the company to give credibility to the conversation.

The employee made 15 money transfers to five different bank accounts at the direction of the fraudsters. It was only after speaking to the company's head office that he realised he had fallen victim to a scam.

Local media labelled the incident as the first in the region where a deepfake was used during a video conference. However, police report at least 20 attempted frauds using the technology recently.

The problem of the spread of deepfakes is also relevant in other countries. In the US, a bill is being drafted to protect victims of the technology, and in India, social media platforms could be prosecuted for spreading such content.

Source: CNN