The Shocking Scam That Fooled a Multinational
Earlier this year, one of the most audacious and sophisticated scams unfolded in Hong Kong and it made headlines around the world. A finance executive at a multinational company was tricked into transferring $25.6 million to scammers, all thanks to a deepfake Zoom call.
Yes, you read that right. This wasn’t a phishing email or a fake invoice. This was a fully AI-generated video meeting, complete with synthetic voices and faces mimicking senior company leaders.
What Happened
The scammers created a deepfake video conference where multiple fake participants all generated using advanced AI—appeared as real, familiar executives. The finance manager, unaware of the deception, followed orders to transfer massive sums of money to overseas accounts.
The fraudsters used real meeting backgrounds and mimicked actual company protocols. The fake executives discussed confidential matters, adding to the perceived legitimacy. With no prior warning signs, the employee executed the transfers in good faith.
Authorities say the attackers leveraged previously leaked data to replicate personal mannerisms, voice patterns, and even dialects of company leadership. Every detail was designed to mirror authenticity from the digital room setup to the tone of conversation.
Why This Worked
- Realistic deepfakes: AI-generated avatars looked and sounded like known personnel.
- Social proof: The scam involved more than one fake participant, creating a false sense of legitimacy.
- Sense of urgency: The fraudsters applied time pressure to prevent double-checking.
- Use of compromised credentials: The scammers likely had access to confidential files, allowing them to tailor their approach.
Business Risk in the Age of AI
This case marks a new era in cybersecurity threats. It’s no longer enough to verify identity based on appearance or voice. AI tools can replicate voices, gestures, and even live behavior patterns, creating perfect illusions.
And the worst part? You don’t even need technical skills to launch such an attack. With deepfake-as-a-service models proliferating on the dark web, scammers can rent or purchase entire deepfake identities.
How You Can Protect Your Business
- Implement dual verification for large fund transfers one digital, one verbal, via a known phone number.
- Train employees to spot signs of deepfake manipulation, like unnatural blinking or audio-video delays.
- Restrict sensitive financial approvals to in-person meetings or secure, end-to-end encrypted channels.
- Update company protocols to reflect the growing risk of AI-powered fraud.
- Adopt facial and vocal recognition audits using third-party cybersecurity tools designed to detect deepfake media.
The Aftermath
Following the incident, the company conducted a thorough internal audit. Law enforcement agencies and cybercrime specialists have launched an international investigation, but so far, no arrests have been made. Experts warn that similar scams are on the rise, especially in sectors with high-stakes financial transactions.
Final Thoughts
As AI technology evolves, so do the scams. It’s essential for businesses to stay ahead by updating protocols, training staff, and leveraging security tools that evolve alongside digital threats. Don’t wait until your company becomes the next headline create a verification safety net today.