Fraudsters use deepfake AI to steal millions from company

Fraudsters use deepfake AI to steal millions from company

Could this be the future of crime?

Man holding laptop with both hands and it reads you have been hacked
Man holding laptop with both hands and it reads you have been hacked/Pexels/@Saksham Choudhary

Who hasn't thought of what might happen in a few years when everyone has mastered using artificial intelligence, most especially scammers, hackers, and fraudsters?

The thought came to be even before AI reached its current capability.

Plus, with the advancement of AI and its potential benefits comes its potential for wrongdoing. Companies have to protect themselves now more than ever so that they do not fall victim to fraudsters manipulating AI for their benefit. 

Sadly, the fraudsters are around and this time they managed to scam a multi-national company out of $25.6 million (R484 million). 

"An employee for the firm in Hong Kong was duped into authorising a number of payments when scammers set up a fake video conference call, which appeared to be attended by the firm's chief financial officer and other staff members." (ITV)

Everyone at the meeting apart from the employee was 'deepfake recreations', "digitally altered pieces of media constructed from "deep learning" artificial intelligence (AI)." (ITV)

The other people at the meeting were created based on public online footage that the fraudsters used to trick the employee in attendance. 

The multi-person fake video call was a ruse for the scammers to get the employee to authorise funds. 

The employee did grow suspicious when the firm's UK-based chief financial officer emailed asking for a secret transaction, but when the video call happened, his nerves were put at ease. 

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The employee told the authorities that everyone in attendance sounded and looked like the real staff members. 

How scary is that? The fact that he could not tell the AI-generated from the real people. The more and more we think about it, it's like we are living in the Matrix...

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Image Courtesy of Pexels

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