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Deepfake scammer walks off with $25 million in first-of-its-kind AI heist

NewsTech

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Reading time: 1 min.
An illustration of six people doing a video teleconference on a laptop computer.

Enlarge (credit: Getty Images / Benj Edwards)

On Sunday, a report from the South China Morning Post revealed a significant financial loss suffered by a multinational company's Hong Kong office, amounting to HK$200 million (US$25.6 million), due to a sophisticated scam involving deepfake technology. The scam featured a digitally recreated version of the company's chief financial officer, along with other employees, who appeared in a video conference call instructing an employee to transfer funds.

Due to an ongoing investigation, Hong Kong police did not release details of which company was scammed.

Deepfakes utilize AI tools to create highly convincing fake videos or audio recordings, posing significant challenges for individuals and organizations to discern real from fabricated content.

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