Deepfake scam: How a fake conference call led to the theft of $25 million.

Last month, a cyberattack took the use of deepfake technology to the next level. Fraudsters used digitally recreated images of a multinational company’s Chief Financial Officer and other employeesto request $25 million in fund transfers during a conference call that featured only one real person.

Deepfake Scams are a form of fraud that uses technology to create convincing fake videos or voices. Essentially, this technology uses artificial intelligence to replicate a person's appearance or voice.

Deepfake Scam perpetrators can use these fake videos or audio to convince victims to take actions they would not otherwise choose, such as providing personal information or money.

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In this case, the victim, an employee at the Hong Kong branch of an anonymous multinational company, was tricked into joining a video conference and obeying the attackers’ commands. In this video conference, the victim was the only real person. The other people seen in the meeting were fake representations of real people (deepfakes).

The employee followed the rest of the team's instructions during the video call, transferring HK$200 million ($25.6 million) to multiple bank accounts in Hong Kong. The fraud was discovered just a week later when the employee contacted the company's headquarters.

It was certainly one of the most successful deepfake scams. The victim said that the initial communication, an email stating the need for a secret transaction, raised some suspicions. However, the realistic representations of his colleagues on the conference call convinced him that the communication was real.

“They used deepfake technology to imitate the voices of the targets,” said acting senior inspector Baron Chan Shun-ching. He added that in similar crimes involving deepfake, victims participated in one-on-one video calls with a fake person.

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Also, in previous incidents, scammers had used publicly available video and audio footage to create these fake digital versions of victims.

It is important to note that in this incident, the individual did not interact with any of the deepfakes directly during the call. They were only initially asked to identify themselves. The fake executives gave them instructions to make the money transfers. The meeting was abruptly cut short, and the attackers then used instant messaging platforms, emails , and one-on-one video calls to stay in touch with the targeted employee.

Chan reported that two or three employees at the branch were approached by the scammers, using the same deepfake tactic, but only one fell victim. The police continue the investigations, but no arrests have been made.

Protection against deepfake

To protect yourself from Deepfake scams, it is essential to always be vigilant about the information you receive. It is important to confirm the accuracy of information before sharing it or reacting to it.

Also, using Deepfake detection tools can help protect against such scams. These tools use artificial intelligence to identify the characteristics of deepfakes and alert the user.

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Education and awareness of the techniques and strategies used by Deepfakes creators is another way to protect yourself. This can include learning about the latest trends in technology and understanding the methods used to create them.

Finally, maintaining personal and digital security is vital. This may mean protecting passwords, updating social media security settings, and being careful about sharing personal information.

Source: www.techspot.com