Deepfake is a threat, these ‘fake and manipulative’ images, audios, videos hold a potential to make us believe a narrative that actually never happened. What makes it even more terrifying is the sudden surge of the deepfake related controversies, from Bollywood celebrities, sports Personalities to many politicians, placing them in all sorts of scenarios they’ve never been in. Photoshopping was scary, hyper-realistic photos, AI-generated images that are shared by millions online are way scarier.
Photo: CBS News
Hong Kong Scam: Biggest Deepfake Scam?
A multinational corporation headquartered in Hong Kong suffered a massive blow, when they lost a staggering $25 million (approximately Rs 207 crore) due to a sophisticated deepfake scam. Reports indicate that scammers employed advanced deepfake technology to dupe an unsuspecting employee at the Hong Kong branch.
As per reports, In January an employee of the company's finance department received a message claiming to be from the company's UK-based chief financial officer. The employee was instructed to attend a Video conferencing call, the ‘CFO’ and other company staff and transfer of HK$200 million (equivalent to $25.6 million/ Rs 207 crore) across 15 transactions to various Hong Kong bank accounts.
The fraudulent activity went undetected until a week into the scam when the deceived employee, sensing something suspicious, reached out to the company's headquarters, it was later revealed that it was a manipulated video call. Shockingly, everyone in the video call, except the victim, was a deepfake of real people.
Why is it Alarming?
The Hong Kong police, while withholding specific company and employee information, revealed that the scammers created deepfake versions of meeting participants using readily available online video and audio footage. Astonishingly, the victimized employee failed to discern the artificial nature of the deepfakes during the video conference.
Photo: CNN
The employee initially had few suspicions when dismissing a similar phishing email in January, but the convincing nature of the deepfakes during a subsequent multi-person video conference effectively dispelled any remaining doubts.
The anonymity and sophistication of this ‘Cyber-Crime’ can be recognised through the fact that No arrests have been yet made even with the constant efforts of law enforcement agencies to apprehend the Scammers.
Safeguard Measures
The first Measure is to be cautious about sharing any kind of personal information online, especially on social media platforms, as it can be used to create realistic deepfake content.
The poor video quality, looping, or abrupt halting in videos all are indications of the presence of a deep fake. Always double verify the authenticity of the communication you are involved in. Maintain a healthy scepticism of calls from unknown numbers, and immediately cut or ignore suspicious calls.
Photo: ET Government
Lastly, before transferring money or complying with requests, verify the identity of the person through alternative means, such as contacting them on a different number.
In conclusion, This instance of the loss incurred by the multinational corporation serves as a sobering reminder of the ever-evolving landscape of cyber threats, with deepfake technology emerging as a potent tool in the hands of malicious actors. There is a need for heightened vigilance and robust security protocols to prevent financial exploitation. And enhanced awareness and preparedness to combat the threat of deepfake scams in today's interconnected world, is also very essential.
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