Cyber scams hit hard: Deepfake video fraud costs $25M

February 7, 2024
1 min read

TLDR:

A multinational firm lost $25 million after an employee fell for a deepfake video scam. The employee, who worked in the finance department, received an email setting up a video call that appeared to be from the company’s chief financial officer (CFO). During the call, the employee was convinced to wire the money to the scammers. This incident highlights the need for companies to train staff to independently verify money transfer requests, especially for large amounts. In another scam, fake calls sounding like President Joe Biden telling New Hampshire voters not to vote were linked to two Texas companies, and cease and desist orders have been issued. In addition, C-suite executives are 42 times more likely than ordinary employees to receive QR code attacks, according to a report by Abnormal Security. Furthermore, researchers at Trustwave warn that job ads on Facebook are being used to spread malware that steals data from victims’ computers.

Key points:

  • A company lost $25 million after an employee fell for a deepfake video scam, highlighting the need for better training to independently verify money transfer requests.
  • Scammers created fake calls sounding like President Joe Biden telling New Hampshire voters not to vote, which have been linked to two Texas companies. Cease and desist orders have been issued.
  • C-suite executives are 42 times more likely to receive QR code attacks compared to ordinary employees.
  • Facebook job ads are spreading malware that steals data from victims’ computers.

A multinational firm lost $25 million after an employee fell for a deepfake video scam. The employee, who worked in the finance department, received an email setting up a video call that appeared to be from the company’s chief financial officer (CFO). During the call, the employee was convinced to wire the money to the scammers. This incident highlights the need for companies to train staff to independently verify money transfer requests, especially for large amounts. In another scam, fake calls sounding like President Joe Biden telling New Hampshire voters not to vote were linked to two Texas companies, and cease and desist orders have been issued. In addition, C-suite executives are 42 times more likely than ordinary employees to receive QR code attacks, according to a report by Abnormal Security. Furthermore, researchers at Trustwave warn that job ads on Facebook are being used to spread malware that steals data from victims’ computers.

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