The use of deepfakes in fraud, a case from Hong Kong

7 February 2024 1 minute Author: Newsman

In Hong Kong, a financial employee of an international company fell victim to fraudsters who used deepfake technology to imitate the appearance and voice of his colleagues. The incident, which paid out $25 million, highlights the growing threat of cybercrime using advanced technology to commit fraud.

A new wave of cybercrime

The employee received a message, allegedly from the chief financial officer, about the need to conduct a secret transaction. After a video conference with “colleagues” where a deepfake was used to imitate their appearance and voices, the employee followed the instructions without hesitation, transferring a large sum of money. Fraudsters use this technology to impersonate people using available photos, videos, and audio materials.

Response and safety measures

Amid the growing threat of deepfakes being used for fraudulent purposes, companies and platforms such as YouTube are updating their cyberbullying and harassment policies to ban deepfakes involving minors, victims of crime, death or violence.

This case in Hong Kong serves as a stark reminder of the need for increased awareness and security measures among company employees to protect against such fraudulent schemes. It is important to understand the potential risks and be prepared to detect and counter the latest cybercrime techniques.

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