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Head of Finance Scammed in $499K Deepfake Video Scam

Author: Carter H | 08 Apr 2025

A financial executive of a multinational company nearly transferred over US$499,000—(S$672,000) in a deepfake-driven fraud. The fraud started when the executive got a message from an unknown person on WhatsApp acting like a CFO of a company, summoning him for a secret Zoom meeting regarding the business restructuring.

Assuming it is real, the executive attended the video call collaborating AI-driven deepfake of the famous company figures. During the call, he got the instructions–supported by a bogus attorney—to send company funds to a local bank account, and the deepfakes victim transferred the money on March 26.

He didn’t know that he was transferring the money into the fraudulent account. However, most of the money—up to US$494,000 was swiftly transferred to Hong Kong. Interestingly, this scam was highlighted the next day when fraudsters demanded another US$1.4 million. The executive then alerted HSBC, asking for the quick actions by Singapore’s Anti-Scam Centre. Authorities managed to block the complete transferred amount. Authorities removed US$5,000 locally.

Police stressed the need for global collaboration, such as efforts such as FRONTIER+, to thwart such advanced fraud. Companies are requested to double-check fund transfer requests and keep themselves vigilant regarding deepfake dangers in business communication.