£20 Million Deepfake Scam

A finance professional in Hong Kong fell victim to a sophisticated scam, losing £20 million in a fraudulent scheme orchestrated through a deepfake video call. The elaborate ruse involved the use of artificial intelligence (AI) to replicate the appearances of the victim’s colleagues. This also included his British-based boss.

The incident unfolded when the employee received an email, ostensibly from his UK-based chief financial officer (CFO). This initially raised suspicion. Despite his reservations, the employee succumbed to the scam after engaging in a video call with deepfake versions of the CFO and other colleagues. The scammers utilised AI technology to recreate the likenesses of the individuals involved.

Under the false pretence created by the deepfake video call, the victim transferred a total of £20.3 million in 15 transactions. It was only when the employee reached out to the company’s headquarters to verify the transaction that he realised he had fallen prey to a scam.

This incident highlights a new dimension in scams

marking the first reported case where AI was employed to simulate multiple individuals in a video call. The targeted company, whose name has not been disclosed by the police, experienced multiple employees being subjected to similar scam attempts.

Deepfake scams have become a growing concern globally, with perpetrators leveraging AI to assume a person’s likeness and mimic their voice. Typically, scammers only require a few seconds of video footage to execute these deceptive schemes.

Previously, such scams were observed in one-on-one calls, as faking a single person was deemed simpler than manipulating the appearances of multiple individuals.  As witnessed in this Hong Kong case. Authorities in Hong Kong have made the details of this case public as a warning to others about the evolving tactics employed by scammers.

Next Story