Man Conned of Over Rs 5 Crore in AI Face-Swap Scam

Beijing: A man in Northern China fell victim to an advanced deepfake scam that exploited AI technology. The fraudster used AI-powered face-swapping to impersonate the victim’s friend during a video call and convinced him to transfer 4.3 million yuan (approximately Rs 5 crore). Concerns have been raised in China about the increasing use of AI for financial crimes.

In Baotou City, Northern China, a fraudster utilized highly advanced deepfake technology to impersonate the victim’s friend. The scammer convincingly assumed the friend’s identity during a video call and requested a transfer of 4.3 million yuan. The victim realized the deception only after the real friend expressed ignorance about the situation. Most of the stolen funds have been recovered, and efforts are underway to trace the remaining amount.

This incident highlights the potential risks associated with deepfake technology and its misuse for financial fraud. Deepfake scams involve creating fake images and videos that appear genuine, enabling fraudsters to deceive unsuspecting individuals and extract significant sums of money.

Another alarming case involved scammers using AI to clone a teenager’s voice and demand ransom from her mother. The woman received a call featuring her daughter’s voice, followed by a male voice threatening her. Despite the convincing deception, it was later revealed that her daughter was safe and had not been kidnapped.