In a shocking incident, a deepfake scammer was able to trick a company out of $25 million. The scammers used a deepfake video of the company’s chief financial officer (CFO) to fool an employee into transferring money. This is the first time this type of scam has been used in Hong Kong, and it highlights the growing threat of deepfakes.

The scam took place in February 2024, when an employee of the company received a video call that appeared to show the CFO. The scammer, who had used deepfake technology to create a realistic video of the CFO, instructed the employee to transfer a large sum of money to a bank account in China. The employee, believing that they were speaking to the real CFO, followed the instructions and transferred the money.

Source: CNN

The company only realized that they had been scammed when they contacted the CFO to confirm the transaction. The CFO was unaware of the video call or the money transfer, and the company immediately contacted the police.

The police are investigating the incident, but no arrests have been made yet. This is the first time that a deepfake scam has been reported in Hong Kong, and it is likely that this is just the beginning. As deepfake technology becomes more sophisticated, it is becoming increasingly difficult to tell the difference between a real video and a fake one.

This incident highlights the importance of being aware of the potential for deepfake scams. Companies need to educate their employees about the risks of deepfakes and how to spot them. They should also implement security measures to make it more difficult for scammers to gain access to their systems.

Individuals can also protect themselves from deepfake scams by being skeptical of any unexpected video calls or emails. If you receive a video call from someone you know, ask them to verify their identity in another way, such as by sending you a text message or calling you from a known number.

Deepfakes are a serious threat, but by being aware of the risks and taking steps to protect yourself, you can help to reduce the chances of falling victim to a scam.