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In a chilling demonstration of the capabilities of deepfake technology, a multinational company in Hong Kong has fallen prey to a sophisticated scam amounting to a staggering $25.6 million (over ₹200 crore). Hong Kong police have revealed that the perpetrators orchestrated the entire fraud through the ingenious manipulation of video conferencing, utilizing deepfake technology to create convincing replicas of company personnel.
Deepfake, a form of synthetic media generated through artificial intelligence, was utilized to craft lifelike renditions of staff members, including a digitally cloned Chief Financial Officer (CFO), during a multi-person video conference. In this elaborate ruse, every participant, except the victim, was a product of deepfake manipulation, leading the victim to believe they were interacting with genuine company representatives.
The ordeal commenced when a finance department employee received a phishing message in mid-January, purportedly from the company’s UK-based CFO, directing them to execute a confidential transaction. Despite initial skepticism, the employee was persuaded after participating in the manipulated video conference, where the deepfake representations appeared startlingly authentic.
During the orchestrated call, the scammers adeptly introduced themselves and issued directives before abruptly terminating the meeting. The victim, convinced by the authenticity of the deepfake personas, obediently executed 15 transfers totaling $25 million to five distinct Hong Kong bank accounts.
This meticulously planned scam unfolded over the course of approximately one week, from the initial contact to the moment the victim realized the deception. Police investigations have revealed that the fraudsters meticulously recreated the meeting’s participants using deepfake technology, mimicking their voices and appearances with remarkable precision.
In the aftermath of the fraudulent transactions, the scammers continued to engage with the victim through various digital platforms, including instant messaging and email correspondence. Despite ongoing investigations by law enforcement, no arrests have been made thus far, leaving the perpetrators at large.
The incident serves as a stark reminder of the growing threat posed by deepfake technology in the realm of cybersecurity. As criminals increasingly leverage these sophisticated techniques to orchestrate elaborate scams, organizations are urged to remain vigilant and implement robust security measures to safeguard against such malicious activities.
While the impacted company grapples with the repercussions of this substantial financial loss, authorities remain committed to apprehending those responsible for perpetrating this audacious and technologically-driven fraud.
Sources By Agencies
