Fake videos using technology raise global concerns (Shutterstock)

Local media reported, citing Hong Kong police, that fraudsters stole about $25 million after they used deepfake technology to deceive an employee at a branch of a multinational company, according to what Business Insider reported.

In January, an employee in the company's financial department received a letter from someone who said he was the UK-based company's chief financial officer, the South China Morning Post reported, citing the police.

The employee then made a video call with the company's CFO and other employees of the company, and it turned out that all of them were using deep fake technology.

Based on the instructions they received during that call, the employee transferred 200 million Hong Kong dollars, equivalent to 25.6 million US dollars, to various bank accounts in Hong Kong through 15 transfers, according to Business Insider.

A week passed since the fraud, before the employee contacted the company's headquarters to confirm, and then he realized that something was wrong.

Hong Kong police did not name the company or employees involved. They said the scammers created fake images of meeting participants based on publicly available video and audio footage, according to the website.

Investigations are still ongoing, but no one has been arrested, according to the media.

Videos faked by technology are raising global concerns. The star Taylor Swift is one of the latest celebrities to fall victim to fake sex videos using deepfake technology that spread widely on the X platform and Telegram last month.

Many politicians are calling for a federal law to combat deepfakes.

In May 2023, Democratic Representative Joseph Morrell introduced the Intimate Deepfakes Prevention Act, which would make it illegal to share deepfake pornography without consent. The draft law was referred to the House Judiciary Committee.

Source: Business Insider