Multinational Company Loses $25 Million in Deepfake Scam: Employee Duped in Video Call

A multinational company based in Hong Kong suffers a staggering loss of $25 million (approximately Rs 207 crore) in a sophisticated deepfake scam.

  • Multinational company in Hong Kong loses $25 million (Rs 207 crore) in deepfake scam.
  • Employee tricked into transferring HK$200 million in 15 transactions after engaging in a video call with convincing deepfake personas.
  • Incident underscores the growing threat of deepfake technology in perpetrating financial fraud, prompting calls for enhanced cybersecurity measures and awareness training.

In a stunning revelation, a multinational company headquartered in Hong Kong has found itself reeling from a staggering $25 million loss, equivalent to approximately Rs 207 crore, in what can only be described as a meticulously orchestrated deepfake scam. The incident, which unfolded in January, involved the cunning use of advanced deepfake technology to deceive an unsuspecting employee within the company’s finance department. Reports suggest that the perpetrators went to great lengths, crafting convincing deepfake personas to impersonate key figures within the organization, including the UK-based chief financial officer.

The unsuspecting employee, believing they were engaging in a routine video call with their legitimate superior and other company personnel, inadvertently fell victim to the scam. During the call, which appeared entirely authentic to the employee, instructions were given that led to the transfer of an astronomical sum of HK$200 million across multiple transactions to various bank accounts in Hong Kong. It wasn’t until a week later, when the duped employee sensed something awry and reached out to the company’s headquarters, that the fraudulent activity came to light.

This harrowing incident serves as a stark reminder of the ever-looming threat posed by deepfake technology in the realm of financial fraud and corporate malfeasance. As authorities scramble to unravel the intricacies of the scam and bring the perpetrators to justice, it underscores the urgent need for heightened vigilance and robust cybersecurity measures within organizations worldwide. Moreover, it highlights the imperative for ongoing education and awareness initiatives to empower employees in recognizing and mitigating the risks associated with emerging technologies like deepfakes.