Company loses $25 million to deepfake scam 🎭

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In recent years, new technologies have emerged that hold enormous potential for both good and evil. When misused, deepfakes and artificial intelligence can cause major financial losses for companies.

A meeting with virtual clones 🎭

Phishing attempts are nothing new. Users, especially in the corporate world, are becoming increasingly aware. A case in point is an employee in the finance department of a Hong Kong-based multinational. On receiving an e-mail from a sender posing as the company’s CFO, this employee immediately suspected a phishing attempt. However, the cybercriminals had more than one trick up their sleeve. To reassure their victim, they offered to organize a videoconference meeting. That’s when the drama began.

Once connected to the meeting with his alleged CFO, whose office was supposed to be in the UK, the employee recognized several other staff members. Convinced of the legitimacy of the e-mail he had received, he transferred company funds to five separate bank accounts. In total, over $25.5 million was transferred to these accounts. It was only much later, after contacting the company’s head office, that he discovered the deception. But the damage had already been done.

Police investigations revealed that all those present at the meeting, with the exception of himself, were fictitious.

Deepfakes created from YouTube videos 😧

The Cybersecurity Division of the Hong Kong Police revealed that the hackers had « previously downloaded videos, then used artificial intelligence to add fake voices ». According to Baron Chan Shun-ching, head of the division, the hackers exploited conference videos found on YouTube to create virtual copies of the company’s employees.

With the rise of these technologies, no one is safe from unpleasant surprises, whether individuals or businesses. A simple voice or facial sample enables cybercriminals to generate virtual doubles. They can then trick victims into making money transfers or divulging sensitive information. More than ever, therefore, it’s crucial to be vigilant, and not to put complete trust in everything you see and hear on the web.