"Multinational Firm Loses $25 Million in AI-Deepfaked Scam"

A Hong Kong company fell victim to a sophisticated deepfake scam, resulting in a loss of HK$200 million (US$25.6 million) as digitally recreated versions of company executives instructed an employee to transfer funds in a convincing video conference call. This marks the first reported instance in Hong Kong of a large-scale financial loss due to deepfake technology. The police are investigating the incident and have advised precautions such as verifying identities in video calls and implementing encrypted key pairs for authentication in corporate environments.