Scammers Using Deepfake Video Calls to Impersonate Executives in Singapore
Singapore authorities warned of a rise in deepfake video call scams where criminals use digital manipulation to impersonate corporate executives and deceive employees into transferring substantial company funds to fraudulent accounts.
What happened
Scammers in Singapore sent unsolicited WhatsApp messages to employees claiming to be executives from their companies, inviting them to join live-streamed Zoom video calls.
Digital manipulation was used to alter the appearances of scammers to impersonate high-ranking executives, and in some cases scammers also impersonated Monetary Authority of Singapore officials and potential investors.
During the calls, victims were instructed to transfer substantial amounts of funds from their company's corporate bank accounts to designated accounts under the pretext of business payments such as project financing or investments. Some victims were also asked to disclose personal information such as NRIC and passport details.
Reported impact
Victims realized they had been scammed when scammers became uncontactable or upon verifying with actual company executives and legal counsel, who confirmed they neither participated in the video calls nor authorized any fund transfers.
Governance controls
Businesses are advised to establish protocols for employees to verify the authenticity of video calls or messages purportedly from senior executives or key stakeholders and to check for tell-tale signs that could suggest manipulation of audio or video through AI technology.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.