AI Deepfake Scam Costs Multinational $25.5 Million

A prominent multinational company was the target of a sophisticated AI-driven scam, losing approximately $25.5 million (200 million Hong Kong dollars), according to a report in the South China

image made with A.I

The scheme began with a phishing message to establish contact with the company. The scammers then used public images of the company's CFO, who was based in the UK, to create a realistic deepfake representation of him and other key figures. This AI-generated likeness was used in a video call to deceive finance department employees.

During the call, the criminals convinced employees to authorize 15 transfers to bank accounts in Hong Kong, totaling $25.5 million. The funds were spread across five different accounts in the region, suggesting part of the operation was conducted locally. Authorities have not disclosed the company's identity or employee details.

This case underscores the growing threat of AI in financial fraud, highlighting vulnerabilities companies face from advanced technologies like deepfakes and voice cloning. The use of deepfake technology in financial fraud presents a significant challenge for cybersecurity efforts worldwide. Unlike traditional scams, deepfakes exploit AI to create highly realistic impersonations, making it increasingly difficult for employees to identify fraudulent activity. Experts warn that as AI tools become more accessible, such attacks may rise in both frequency and sophistication. Companies are now urged to strengthen verification processes, train employees on AI-driven scams, and implement multi-step authorization methods to safeguard sensitive financial transactions. This incident serves as a stark reminder of the potential consequences of inadequate defenses against evolving digital threat

Link: www.youtube.com/watch?v=3tI_4QzyhE8 by CTV News