A Hong Kong finance worker fell victim to a deepfake scam earlier this year, transferring a staggering $25 million to fraudsters who impersonated his colleagues via video call. This incident sheds light on a growing trend of deepfake scams that have looted millions from companies worldwide, with cybersecurity experts warning that the problem could worsen as criminals exploit generative AI for fraud.
Deepfakes are digitally altered videos, sound, or images of real people, often created through artificial intelligence to convincingly misrepresent them. In this case, the finance worker was deceived into transferring the funds after attending a video call with what he believed to be his company’s CFO and other staff members, who were actually digitally recreated deepfakes.
The rise of generative AI technology, such as Open AI’s Chat GPT, has made it easier for cybercriminals to carry out such scams without requiring specialized skills. The sophistication and volume of these scams have expanded as AI technology continues to evolve, posing a significant threat to businesses globally.
Companies like UK engineering firm Arup have confirmed being targeted by deepfake scams, with incidents involving fake voices and images on video calls leading to substantial financial losses. The use of deepfake technology for phishing scams, misinformation, and other illicit purposes has been documented by cybersecurity experts, highlighting the need for enhanced defenses against AI-powered threats.
To combat these risks, experts recommend improved staff education, cybersecurity testing, and implementing multiple layers of approvals for all transactions. By taking proactive measures, companies can better protect themselves against the growing threat of deepfake scams and safeguard their financial assets from falling into the hands of cybercriminals.