Employee Duped by Deepfake Colleagues in $25 Million Scam

In Hong Kong, an employee of a multinational company transferred $25 million to fraudsters after a video call with “colleagues” who turned out to be deepfakes, according to local media.

The incident occurred in January. The victim received an invitation, purportedly from the firm’s chief financial officer, to an online video meeting to discuss a confidential deal.

All the “company executives” present on the call were deepfake simulations. They convinced the employee to transfer $25.5 million of the company’s funds to five bank accounts. The scam was uncovered only after consultation with the corporation’s head office.

Investigators believe the fraudsters used archival footage of top managers and faked voices using AI.

This case of deepfake fraud is the first of its kind in Hong Kong.

Earlier, the CFTC warned about the use of AI for criminal purposes.