A corporation suffered a $25 million loss when one of its employees fell victim to deepfakes of his colleagues during a video conference, according to the police.
A corporation suffered a loss of $25 million after an employee fell victim to deepfake versions of his coworkers, according to Hong Kong police.
The individual participated in a video chat where deepfakes of the company’s Chief Financial Officer, based in the United Kingdom, and other coworkers were present.
Hong Kong authorities stated that fraudsters produced the deepfakes using video footage that was accessible to the public.
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The city’s police stated that scammers used deepfake technology to trick a worker at the Hong Kong branch of a multinational corporation, enabling them to steal almost $25 million, according to local media reports on Sunday.
In January, an employee in the finance department of the company got a message from an individual claiming to be the chief financial officer of the company situated in the UK, as reported by South China Morning Post, citing the police. The employee subsequently engaged in a video chat with the company’s CFO and other corporate employees, all of whom were later revealed to be deepfakes.
According to the SCMP, the employee moved HK$200 million, which is equivalent to $25.6 million, to different Hong Kong bank accounts in 15 transfers, following the instructions given during the call.
A week had passed after the scam began when the employee reached out to the company’s main office and became aware that something was amiss.
The Hong Kong police did not disclose the identity of the company or its workers involved. According to SCMP, it was reported that scammers made deepfakes of people who attended the conference using video and audio recordings that were publicly accessible.
According to the media site, the employee who was defrauded did not engage with the deepfakes during the video call.
The media site reports that investigations are still ongoing and no arrests have been made.
Deepfake videos are raising worldwide worries. Popular singer Taylor Swift is among the recent individuals affected by a surge of sexually explicit deepfake films that gained widespread attention on X and Telegram last month.
Several legislators are advocating for a national law to address deepfakes.
In May 2023, Rep. Joseph Morelle, a member of the Democratic Party, proposed the Preventing Deepfakes of Intimate Images Act, which aims to criminalize the distribution of non-consensual deepfake pornography. The bill has been sent to the House Judiciary Committee.
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