Finance Worker Loses $25 Million in Elaborate Fraud

A finance worker fell victim to a sophisticated scam involving deepfake technology, losing $25 million to fraudsters posing as the company’s CFO in a video conference call, as reported by Hong Kong police.

During the call, the worker interacted with what appeared to be colleagues but were deepfake recreations. Initially suspicious, the worker disregarded doubts after others on the call seemed genuine. Subsequently, the worker agreed to transfer $25.6 million, believing it was for a legitimate transaction.

This incident is part of a series of scams employing deepfake technology, with six arrests made by Hong Kong police. The fraudsters used stolen identity cards to make loan applications and bank registrations, successfully bypassing facial recognition systems with AI-generated deepfakes.

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The scam came to light only after the worker contacted the corporation’s head office. The police did not disclose the identity of the company or the details of the worker. This event highlights the growing concerns worldwide about the sophistication and misuse of deepfake technology.

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