- Cybersecurity
- AI Fraud
- Business Risk
A finance worker was duped by deepfakes into sending $25M. Learn how AI is reshaping cybercrime—and what your business can do to stay ahead of evolving threats.
AI and Deepfake Scams Are Rewriting Cybercrime
In January 2024, a finance worker at engineering giant Arup transferred over HK$200 million (US$25 million) after being tricked by a highly convincing deepfake video call. Believing he was speaking with Arup’s CFO and colleagues, the employee acted on a phishing email and was unknowingly defrauded using AI-generated visuals and voice cloning.
The Golden Age of Scams
Global cybercrime is booming, with projected annual losses expected to hit US$10.5 trillion by 2025. Scammers are using advanced tools such as artificial intelligence to generate fake emails, text messages, deepfakes, and voice clones, making it increasingly difficult to distinguish real from fake.
New Tech, New Defence
Fortunately, the same technologies aiding scammers are being used to defend against them. AI-powered cybersecurity solutions are predicted to grow from US$24.8 billion in 2024 to US$146.5 billion by 2034, helping businesses scan massive data sets, detect anomalies, and respond faster to threats.
How Scammers Use AI
- Voice Cloning: Scammers collect voice samples during casual calls and use them to create voice replicas.
- Deepfake Video Calls: Fraudsters simulate real-time video of executives or colleagues to commit financial fraud.
- Phishing with AI: More convincing phishing emails are generated with fewer errors and better targeting.
Cybersecurity Must Be Everyone’s Business
Experts say the responsibility doesn’t lie solely with IT teams. Everyone—from accountants to office managers—needs to understand cyber threats. Open communication and awareness are crucial for early detection.
- Train staff to recognise scams and deepfakes
- Limit data access and restrict personal device use
- Adopt multifactor authentication and secure backups
- Review and offboard inactive users and devices regularly
Quantum Threats & Cryptology
While AI strengthens security, advances in quantum computing pose a new threat by potentially cracking today’s encryption. The development of quantum-resistant cryptography is already underway to prepare for this future risk.
Collaboration Is Key
Cybercriminals operate in networks, and industry leaders agree that defenders must collaborate too. Australia’s National Cyber Intel Partnership and Singapore’s HTX agency are examples of collective efforts working to improve national cyber defences.
Talk Cyber with Your Clients
Cybersecurity is a financial risk. Experts advise that accountants and business advisors regularly discuss cybersecurity basics with clients, like spotting scams, using secure platforms, and avoiding dangerous links or email attachments.
Final Thoughts
Cyber threats are evolving fast, fuelled by new technologies like AI and quantum computing. The key to staying ahead lies in smart investment, strong collaboration, and ongoing education. Whether you’re running a business or advising one, cybersecurity is now part of your everyday reality.
Comments from our readers
Deepfakes and security
This is incredibly alarming! How can we better equip ourselves against these deepfake scams, and what specific measures should businesses implement to protect their assets?
Cybersecurity Challenges Ahead
The rise of AI-driven scams necessitates an urgent need for robust training and collaboration across all levels of organisations to mitigate evolving cyber threats effectively.