Deepfake frauds are multiplying victims across financial services. Victims of this scam variant are being persuaded to transfer funds from company accounts after receiving fake communications from scammers posing as executives.
In response, Singapore authorities have issued a joint advisory.
The Singapore Police Force, Monetary Authority of Singapore and Cyber Security Agency of Singapore have warned members of the public to be aware of the threats of AI. Scammers may send unsolicited WhatsApp messages inviting victims to join a live-streamed conference call with top executives, MAS officials or potential “investors”.
Funds are transferred from corporate accounts to designated bank accounts opened by the scammer. Often the scam would be reinforced by a second scammer charading as a legal counsel who sends legal documents to the victim’s email address, before “ghosting” them.
