Hong Kong multinational national company fell victim to a $25.6 million scam constructed using deepfake technology, a report said.
According to the Hong Kong police the employees at the company were manipulated by a multi-person video conference, where everyone other than the victim was created using deepfake.
What is a deepfake?
A deepfake is a type of synthetic constructed media that uses artificial intelligence to manipulate or generate audio and visual content, with malicious motive to fake authenticity.
the word “deepfake” emerged in late 2017 when a Reddit user with the same name created a platform on the online news and aggregation site to share pornographic videos generated using face-swapping technology. Deepfake uses a form of AI called deep learning to make images or videos of fake events, a MIT report said.
it has emerged as a potential threat to public trust and truth. By creating convincing audio-visuals of people saying and doing things they never did or do in real life, deepfakes can influence and manipulate public perception, spread misinformation, and destroy reputations.
The perpetrators used this A.I. technology to transform publicly available video and audio footage into distorted versions of the company’s staff member, including a digitally cloned CFO.
An employee working in the finance department was trapped as he received a phishing message in January with instructions to conduct a secret transaction. Message showed that it was sent by the company’s CFO.
Although having doubts about the message the employee folded to the ruse after engaging in a group video call. The deepfake employees were appearing authentic and genuine leading the victim to follow each and every instruction given by it.
The victim made 15 transactions into 5 different Hong Kong accounts, totaling $25 million.
The scam unfolds
This entire incident took place within a week, scammers digitally recreated the meeting’s participants using deepfake technology, exactly recreating the members voice and accents with absolute accuracy, the police said.
During the video call, a scripted self-introduction was uploaded by the scammers along with orders and instructions to follow before the ending the meeting.
After the initial contact the scammers continuously engaged with the victim through direct messages, emails, and one-on-one calls.
The investigation is still going and no arrests have been made so far.
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