BEC fraud in multinational

A finance employee of a multinational company was duped by an elaborate deepfake scam, where he transferred $25 million to fraudsters posing as the company's chief financial officer during a video call, Hong Kong police said.

During the video call, the employee interacted with what he thought were his colleagues, but were in fact deepfake recreations, police detailed in a briefing. Despite his initial suspicions, the employee fell into the trap and after recognising that all the participants were supposedly his colleagues, agreed with them to transfer a considerable sum of money before discovering the scam.

This incident highlights the increasing sophistication of cybercriminals, who use technologies such as deepfake to perpetrate their fraud, posing additional challenges for authorities and businesses in the fight against cybercrime.