Hong Kong Company Falls Victim to $25 Million Deepfake Scam

Hong Kong Company Loses $25 Million in Deepfake Scam

A multinational corporation in Hong Kong fell victim to a deepfake scam, resulting in a $25 million loss. Criminals used deepfake technology to impersonate the company’s CFO during a fake video conference call, convincing an employee to transfer funds to various accounts.

The scam began with the employee receiving an email from what appeared to be the CFO, inviting them to a teleconference. During the call, a digitally altered deepfake of the CFO instructed the employee to transfer the funds. The criminals also created deepfakes of other company executives and staff, making the deception more convincing.

The fraud went undetected for a week until the employee contacted the company’s headquarters. This incident highlights the need for businesses to train employees to recognize signs of deepfakes, such as blurry details, irregular lighting, unnatural movements, and lack of emotion. Implementing strong authentication measures and encouraging employees to be vigilant against unusual requests can help prevent such scams.

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