Multinational reportedly loses HKD 200 million to deepfake fraud

The Hong Kong branch of a multinational company lost HK$200 million (US$25.6 million) to deepfake fraudsters. The fraudsters used publicly available video and audio footage to create convincing digital representations of the company’s finance director and other employees. They instructed a finance employee to carry out a transaction totaling HK$200 million. The employee made 15 wire transfers to five Hong Kong bank accounts before realizing it was a scam. Hong Kong police are investigating the case and warning of the growing use of deepfake technology for fraud. Senior Inspector Tyler Chan Chi-wing recommended verifying the authenticity of people in video calls by asking them to move their head or ask questions.

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Online journalist Matthias is the co-founder and publisher of THE DECODER. He believes that artificial intelligence will fundamentally change the relationship between humans and computers.

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