There are 70 million reasons to fear A.I. fraud in modern crime because a new player has emerged: Generative Artificial Intelligence. Recent events have shed light on the alarming trend of criminals leveraging easily accessible A.I. technologies to perpetrate financial fraud, with devastating consequences.

A branch manager in Hong Kong fell victim to a highly sophisticated first-of-its-kind cyber scam, tricked by a deepfake voice he believed was his director's, into transferring a staggering $35 million for a non-existent corporate acquisition. The voice, artificially created with high precision using the latest generative A.I., had directed him to send the funds to a lawyer, part of an elaborate setup confirmed by a prior email. This act plunged him into the heart of a sinister heist, masterminded by at least 17 shadow individuals, marking a huge advancement in cybercrime that manipulates reality and wreaks financial havoc.

A multinational corporation suffered a harrowing HK$200 million loss ($35 Million dollars) to another meticulously created deepfake scam, where eerily lifelike videos of company executives deceived an employee during a video call. These digital impostors, created from public footage with vicious precision, led the employee to unwittingly channel millions into the void of five fraudulent bank accounts across 15 transactions.

As we confront this sophisticated A.I. attack, we must remain vigilant and proactive. Heightened awareness, robust cybersecurity measures, and investment in A.I. detection technologies are critical in safeguarding against this deceitful threat.

• $24B Check Fraud

• Streaming A.I. for Voice Vishing

• Generative AI Generative Scam

• $50 Billion BEC