Singapore authorities have issued a warning to businesses about a surge in scam video calls utilizing deepfake AI technology to impersonate company executives, with the intention of tricking employees into transferring money to criminal accounts.
The Singapore Police Force (SPF), Monetary Authority of Singapore (MAS), and Cyber Security Agency of Singapore (CSA) reported that victims often receive unsolicited WhatsApp messages from fraudsters pretending to be their company’s executives, inviting them to join a live-streamed Zoom video call.
Authorities indicate, “It is believed that digital manipulation has been employed to alter the appearances of the scammers to impersonate high-ranking executives.” In some instances, these video calls also feature scammers posing as MAS officials or prospective ‘investors.’
During the calls, victims are coerced into transferring large sums from their corporate bank accounts to designated accounts under the guise of legitimate business payments, such as financing projects or investments. Additionally, some victims have been asked to provide personal information, including NRIC and passport details.
Many victims realize they have been scammed only when the fraudsters become unresponsive, or after consulting with actual company executives and legal counsel, who confirm that no such video calls took place and no fund transfers were authorized.
Businesses are advised to implement protocols for employees to verify the authenticity of any video calls or messages, especially those claiming to come from senior executives or important stakeholders. They should also look for signs that may indicate audio or video manipulation through AI technology.