Singapore authorities warn of rise in deepfake corporate video calls

The Singapore Police Force (SPF), Monetary Authority of Singapore (MAS) and Cyber Security Agency of Singapore (CSA) alert members of the public to scams involving digital manipulation, in which Artificial Intelligence (AI) is allegedly used to create or manipulate synthetic media (i.e. deepfakes).

In this scam variant, scammers would impersonate high-ranking executives from companies that the victims work for through the alleged use of digital manipulation, and instruct victims to transfer funds from company accounts. Victims would receive unsolicited WhatsApp messages from scammers claiming to be executives from the company that the victims work for, inviting the victim to join a live-streamed Zoom video call with their high-ranking executives from their companies.

It is believed that digital manipulation had been used to alter the appearances of the scammers to impersonate these high-ranking executives. In some cases, the video calls would also involve scammers impersonating MAS officials and/or potential “investors”.

Victims would be instructed to transfer substantial amounts of funds from their company’s corporate bank accounts to designated bank 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.

To reinforce the deceit, victims would be directed to contact a second scammer impersonating as the legal counsels of victims’ company, who would send documents such as a Non-Disclosure Agreement or a Board Letter to the victim’s personal email address.

Victims would subsequently realise that they had been scammed when the scammers become uncontactable, or upon verifying with the actual company’s executives and legal counsel, who would confirm that they neither participated in any video calls nor authorised any fund transfers.

Businesses are advised to establish protocols for employees to verify the authenticity of any video calls or messages, particularly those purportedly from senior executives or key stakeholders. „Train employees to be vigilant about unsolicited video calls or messages, even if they appear to come from known business contacts.” – the authorities stated.