As artificial intelligence (AI) technology advances, cybercriminals are now capable of creating sophisticated “deepfake” scams, which result in significant financial losses for the companies that are targeted. On a video call with her chief financial officer, in which other members of the firm also took part, an employee of a Hong Kong-based firm was instructed to send US$25 million to fraudsters in January 2024, after offering instruction to her chief financial officer in the same video call.
Fraudsters, however, used deepfakes to fool her into sending the money by creating one that replicated these likenesses of the people she was supposed to be on a call with: they created an imitation that mimicked her likeness on the phone.
The number of scammers continues to rise, and artificial intelligence, as well as other sophisticated tools, are raising the risk that victims potentially being scammed.
It is estimated that over $12.5 billion in American citizens were swindled online in the past year, which is up from $10.3 billion in 2022, according to the FBI’s Internet Crime Complaint Center.
A much higher figure may be possible, but the actual price could be much higher. During the investigation of a particular case, the FBI found out that only 20% of the victims had reported these crimes to the authorities.
It appears that scammers are continuing to erect hurdles with new ruses, techniques, and policies, and artificial intelligence
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