Deepfake scammers orchestrated an intricate scheme to defraud a multinational company by successfully persuading an employee to transfer over $25 million in company funds. According to a statement from Radio Television Hong Kong (RTHK), the incident unfolded last month when the employee received a fraudulent invitation from the company's chief financial officer for a video call to discuss confidential transactions. The scammers employed deepfake technology, using sophisticated replicas of company executives to convince the employee to execute 15 transactions transferring $25.5 million to five bank accounts.
Acting Senior Superintendent Chan Pak-lung of the Cyber Security Division of the Hong Kong Police Force provided insights into the scam, suggesting that the scammers likely created deepfake replicas by incorporating artificial intelligence to manipulate pre-recorded videos of company executives. "I believe the scammers downloaded the video in advance and then used artificial intelligence to add fake voices for the video conference," Chan stated, emphasizing that the deepfake videos appeared convincingly real during the online meeting.
The employee eventually recognized the fraudulent nature of the video conference after consulting with the company's headquarters. This incident marks the first of its kind in Hong Kong, where deepfake scams have seen a notable increase. Chan Pak-lung urged public awareness, stating, "We want to alert the public to these new deceptive tactics. As we can see from this case, scammers are able to take advantage of artificial intelligence technology in online meetings, so people must remain vigilant even in meetings involving multiple people."
The Cyber Security Division, an integral part of the Hong Kong Police Force, focuses on combating technology-related crimes and ensuring online safety. As part of its initiatives, the division launched a Metaverse platform in May 2023 to prepare citizens for the challenges of the digital age, with a specific emphasis on preventing technology-related crimes. The incident highlights the growing sophistication of deepfake scams and the need for continued vigilance in the face of evolving cyber threats.
