Hong Kong Company Falls Victim to Deepfake: CFO Cloned, 200 Crores Stolen

The victim, a finance department employee, received a phishing message in mid-January. Hong Kong police said that employees at the company were manipulated through a multi-person video conference, where every participant, except the victim, was created using deepfake. The victim, a finance department employee, received a phishing message in mid-January, purportedly from the company’s UK-based CFO, instructing them to conduct a secret transaction.

Despite an initial “moment of doubt,” the employee succumbed to the ruse after participating in a group video conference. During the call, the deepfake representations of company employees appeared authentic, leading the victim to follow instructions and make 15 transfers totaling $25 million to five different Hong Kong bank accounts. According to the police, scammers digitally recreated the meeting’s participants using deepfake technology, imitating their voices and appearances with convincing accuracy.

During the video conference, scammers employed a scripted self-introduction and gave orders before abruptly ending the meeting. Following the initial contact, the scammers continued to engage with the victim through instant messaging platforms, emails, and one-on-one video calls. While police are actively investigating the case, no arrests have been made thus far.