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Inceptus Has Released a New Immediate Threat  

New Immediate Threat Advisory (Date 20240205) – (US$25.5 Million Stolen from a Multinational
Firm due to “Deepfake” video call)  

Advisory Overview    

On January 29th, 2024, a South China-based company fell victim to a sophisticated deepfake scam,
resulting in a financial loss of US$25mil. The perpetrators employed advanced deepfake technology
to impersonate key individuals during a video call, manipulating audio and visual elements to create
a convincing and deceptive representation.  

What is the Threat?    

A South-China based company recently fell victim to a scam that involved the use of deepfake techno
logy and lost twenty-five million USD (HK$200mil).  

The victim, an employee of the company working in the finance department, had received a message
from someone who appeared to be the company’s UK-based CEO back in January, requesting a trans-
action be made.  

The employee was initially doubtful but was thereafter fooled after receiving a video conference call
from the scammers pretending to be the firm’s UK-based chief financial officer and multiple senior
executives. Acting Senior Superintendent Baron Chan says that the video conference call had involved
multiple participants, though all but the victim were impersonated.  

“Deepfake” refers to the brilliant yet destructive software that allows a person to take the face and
voice of another person (usually someone well-known, like a celebrity or a CEO of a company) and
use it with malintent, typically to scam people out of large sums of money or information. In other
cases, this technology can be used to create content, such as videos, displaying an AI politician or
person with power, saying something they never really said, or pasted over pornographic material.  

Why is this Noteworthy?    

As AI and Deepfake technology advance, the risk of security breaches, information leaks, and scams
heightens for individuals and businesses. Staying informed about these technologies is paramount to
safeguarding yourself and your data from potential attacks. Stay vigilant and updated to stay ahead of
evolving threats in the digital landscape.  

What are the Recommendations?    

To protect against deepfake threats, stay informed about AI developments. Establish a safeword system
within your company for identity verification. Conduct regular training on deepfake recognition and
foster a culture of skepticism. Invest in AI-driven solutions for detection and collaborate with cyber-
security experts, like Inceptus, to fortify defenses. These measures will help safeguard against the
evolv-ing risks of deepfakes and ensure the security of personal and organizational identities.  

References    

https://www.thestar.com.my/aseanplus/aseanplus-news/2024/02/04/hk-firm-scammed-of-rm120mil-after-
employee-duped-by-video-call-with-deepfake-of-cfo


What is deepfake technology and how does it work? (interestingengineering.com)

What Are Deepfakes? How to Spot Fake AI Audio and Video (businessinsider.com)

Deepfake scammer walks off with $25 million in first-of-its-kind AI heist | Ars Technica

Fraudsters use deepfake technology to trick employee into paying millions (msn.com)      

If you have any questions, or are in need of help in regards to this kind of threat, please contact
Inceptus at:  

Inceptus Cybersecurity
(239) 673-8130
support@inceptussecure.com
www.inceptussecure.com
#underourprotection

 

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